Leading the engagement, Minister of Public Service, Government Efficiency and Implementation, Zulfikar Ally said the bank is being established to remove the financial barriers that have long prevented many Guyanese from starting or expanding businesses.
Minister Ally explained that the bank will offer loans of up to $3 million with more accessible financing, addressing two of the biggest challenges faced by small business owners: the need for collateral and high commercial interest rates.
“The President listened to the concerns of people across the country who said they had good business ideas but could not access financing because they did not have collateral or because interest rates were too high,” Minister Ally said.
He noted that the proposed development bank is designed to bridge that gap by providing financing to small businesses, farmers and entrepreneurs.
The cabinet minister said this will allow them to invest in productive ventures and generate sustainable incomes.
The minister said officers at the bank will work closely with applicants in Linden to develop viable business plans, ensuring that persons with promising ideas receive the guidance needed to secure financing.
Whether residents are interested in agro-processing, manufacturing, transportation, tourism, cosmetology, hospitality or other small enterprises, Ally said the bank is intended to help turn those ideas into successful businesses.
He reminded residents that Guyana’s expanding economy presents significant opportunities.
Minister Ally encouraged them to look beyond short-term employment and consider building businesses that can grow alongside the country’s development.
During the consultation, residents also raised questions about eligibility requirements, the loan application process, how the initiative will benefit Linden and the wider Region 10 community.
The proposed Guyana Development Bank forms part of the Government’s commitment to expanding access to affordable financing, supporting entrepreneurship and creating sustainable economic opportunities in every region of the country. (Department of Public Information)
