The Georgetown Chamber of Commerce and Industry (GCCI) has welcomed the opening of the Guyana Development Bank, saying it provides another financing avenue for local entrepreneurs and small and medium-sized enterprises seeking to start or expand their businesses.
In a statement dated October 5, the Chamber congratulated the government on bringing the institution into operation and said access to affordable financing remained an important consideration for businesses.
The GCCI’s President, Kathy Smith, has been appointed deputy chairperson of the bank’s inaugural board, which is chaired by Abu Zaman.
“The GCCI looks forward to the Bank developing financing mechanisms that are accessible, responsive to the realities of the local business community and supportive of sustainable enterprise development,” the Chamber stated.
It said it had consistently advocated for an environment in which local businesses could obtain financing, technical support and opportunities to improve their competitiveness and sustainability. It therefore regarded the bank as a pillar of the country’s developing financial and business-support system.
As the economy expands and opportunities emerge in traditional and newer sectors, the Chamber said greater access to capital would be critical to enabling local businesses to participate meaningfully.
The GCCI also congratulated the other directors—James Bond, Sukrishnalall Pasha, Dion Inniss, Nalinie Singh and Praem Rambharak—and wished the board success in guiding the institution through its formative stage.
The bank is accepting applications through its online platform, offering qualifying small and medium-sized businesses interest-free, collateral-free loans of up to G$3 million. Quick Loans below G$300,000 have a simplified application process and reduced documentation requirements, while SME loans range from G$300,000 to G$3 million. Applicants can also request appointments for assistance.
The government has announced an initial capital injection of approximately G$20 billion. Alongside financing, the institution is intended to provide technical assistance, business development services, mentorship and training. President Irfaan Ali has stressed that the loans must be repaid.
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