For Guyanese who have always dreamed of having a business, now is the opportune time to make that a reality, says Minister of Public Service, Government Efficiency and Implementation, Zulfikar Ally.
During his first appearance on the Starting Point Podcast, Ally explained that the government will soon fulfil its election campaign promise to open the Guyana Development Bank. This institution will provide budding entrepreneurs with up to GY$2 million in interest-free loans with no collateral required.
Ally said this model is expected to help Guyanese unlock the potential of their business ideas and feel a true sense of empowerment.
“President Ali has walked the length and breadth of this country and he has heard what our people are saying, especially what our young people are saying. One of the things that they have complained about was that they have ideas, but access to capital has been a challenge,” Minister Ally said.
He noted that the PPP/C administration will help citizens overcome this hurdle by providing the financing and training to strengthen the soundness of their proposals.
“Even if you just have an idea, come into the bank and we will have staff members who are going to be able to sit with you to help you look at the pros and the cons. We will make sure that when we lend you this money, you know how to go and execute,” Minister Ally said.
While repayment plans would be provided to borrowers, Minister Ally expressed confidence in the business community, noting that Guyana’s default rates are among the lowest in the region.
As citizens await the launch date for the bank, Minister Ally urged that they begin the process of researching their business ideas and drafting proposals.
“The more you have thought this out and you’ve put everything down on paper, the easier and the quicker this process will be when the bank is in place,” said the official.