Housing Minister Collin Croal and Minister of Public Service, Government Efficiency and Implementation Zulfikar Ally are in Port Kaituma, Region One, for a session to inform residents about financing through the Guyana Development Bank.
They are accompanied by former government minister and now Director of Government Efficiency Nigel Dharamlall.
According to the announcement, the session will explain the bank’s interest-free, collateral-free loans of up to $3 million for eligible small businesses and persons seeking to establish or expand enterprises.
Croal was welcomed at the Port Kaituma airstrip by Region One Vice-Chairman Paul Pierre, Regional Executive Officer Dr Steven Cheefoon, District Development Officer Orlando Thorne, Community Development Officer Annmarie Robinson and Assistant Regional Executive Officer Jason Ramjohn.
The outreach comes after President Irfaan Ali said an estimated 15,000 to 20,000 persons had applied to the bank following its October 5 launch. Kiskadee Watch reported on October 21 that applications were being evaluated and grouped according to the sectors applicants intended to enter. The figures were estimates, and the report did not state how many loans had been approved or disbursed.
The government announced an initial injection of US$100 million, approximately $20 billion, representing half of the institution’s authorised capital of $40 billion.
Coaching and mentorship would be compulsory and that submitting an application would not automatically qualify a person for the maximum loan. Specialists were expected to assess proposals, help applicants refine their ideas and connect them with technical support.
The bank’s proposed arrangements include service desks in commercial banks and an electronic platform intended to reach applicants, including those in hinterland and riverine communities.
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