-by NaAsia Bristol
Young entrepreneurs across Guyana are welcoming the establishment of the Guyana Development Bank.
Legislation paving the way for the operationalizing of the bank was assented to on Thursday by President Irfaan Ali.
President Dr. Irfaan Ali has assented to the Guyana Development Bank Act 2026, officially clearing the way for the Bank’s establishment after the legislation was passed in the National Assembly last Monday.
The Bank will offer loans of up to $3 million to small and medium-sized enterprises without requiring collateral or charging interest. It will also provide technical and advisory support, including assistance with business planning and financial management. One young business owner says the initiative will give entrepreneurs the boost they need to grow.
“I think that this is a great initiative since it will allow young business owners to access finances to promote their business and better forward it to reach better customer bases for them. Also allowing that when they do have an established foundation, they can then further it by developing it even more by accessing the final half of the finances,” the business owner said.
For many small business owners, securing financing from commercial banks has long been a challenge.
They believe the Development Bank will open doors for entrepreneurs with strong ideas but limited resources, while encouraging more young people to pursue business ownership.
With the Bill now signed into law, the Government is expected to begin implementing the Bank’s provisions, paving the way for greater access to financing and support services for small businesses across Guyana.