GEORGETOWN, Guyana, CMC – The Georgetown Chamber of Commerce and Industry (GCCI) is supporting plans to establish the Guyana Development Bank, saying there is an urgent need to expand access to financing for small and medium-sized enterprises (SMEs).
The Irfaan Ali government has said it is moving towards establishing a bank that will provide young entrepreneurs, women, SMEs, and persons living with disabilities with access to three million dollars (One Guyana dollar = 0.004 cents) in microcredit loans.
GCCI president, Kathy Smith, said while Guyana is experiencing rapid economic growth, the absence of the right financial systems could undermine the country’s long-term development.
“If the financial framework, the infrastructure, and the financial institutions are not in place, the natural wealth would be a burden to our country rather than a blessing,” she said, while acknowledging the role of commercial banks in supporting the economy and the critical role they play in ensuring financial stability.
But she noted that their profit-driven structure limits their ability to meet the needs of all entrepreneurs, particularly those in the micro, small, and medium-sized enterprise sector.
The GCCI president said the main challenge is that many business owners face a financing gap that prevents them from expanding their operations, and that “a lot of people are not documenting and putting systems in place for longevity… We want you to start getting on board with structuring your businesses.”
A well-structured development bank would provide concessional financing, longer repayment periods, and targeted support for key sectors such as agriculture, manufacturing, agro-processing, and the green economy.
She said she believes that the institution could play a transformative role in empowering entrepreneurs, particularly women and small business owners, by improving access to capital and building long-term capacity.
”Your ideas are not the problem. Your work ethic is not the problem. There is a vacuum between what you dream about and what you can deliver to your clients. And that vacuum needs to be filled with finance. I think Guyana should feel proud that we have a government that is building out this country,” she said.
With an allocation of GUY$100 million towards this initiative, the government is rolling out a nationwide sensitization process to educate individuals and businesses on how to access financing through the development bank.
The GCCI has indicated its readiness to support the government in ensuring the successful rollout of the initiative.
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