The Guyana Development Bank is intended to be the financing champion of start-ups, students and single mothers, not the country’s large conglomerates. This point was underscored by Chairman of the Private Sector Commission (PSC), Captain Gerald Gouveia Jnr. during his appearance on the August 9 episode of the Starting Point podcast.
Gouveia said the heart and soul of the institution is to give people with viable business ideas access to financing that may be difficult to obtain from traditional lenders.
“So for all intents and purposes, this bank is not geared to the very large conglomerates.
“This is a bank that is geared to start-ups. It’s a bank that’s geared to the single mothers. It’s a bank that’s geared to be the champion of the young entrepreneur, the student coming out of UG [University of Guyana] with a bright idea.”
Gouveia said access to financing has been a longstanding concern for Guyana’s private sector and therefore welcomed the government’s push to establish the institution.
“It will really open up the floodgates for Guyanese innovation and Guyanese creativity to start earning some money. No other bank will have an impact on the business economy in the way you will see happening from the Guyana Development Bank. It is going to change the landscape and we are here to support it,” said the PSC Chairman.
The National Assembly passed the Guyana Development Bank Bill on July 27, providing the legal framework for the institution. President Irfaan Ali has since assented to the legislation, bringing the Guyana Development Bank Act into law. Once operational, the financial institution will provide financing for small and medium-sized enterprises. Loans of up to $3 million will be available, with no interest or collateral required.