$100M Guyana Development Bank to target small businesses, unlock new financing

Sep 21, 2026 News

Kaieteur News – President Irfaan Ali says the Guyana Development Bank (GDB) will go beyond issuing loans, promising to provide entrepreneurs with mentorship, technical support and market access as Government prepares to launch the institution on October 5.

Ali made the announcement Sunday during discussions with senior banking and private-sector representatives, entrepreneurs and community advocates on how the new bank could help turn small business ideas into viable and sustainable enterprises, the Department of Public Information (DPI) reported.

President Dr. Mohamed Irfaan Ali

The GDB is expected to begin operations with US$100 million in initial capital, with eligible borrowers able to access financing of up to G$3 million, including zero-interest and zero-collateral loans. “This is not a grant. This is your opportunity to earn. This is your opportunity to pay back. This is an opportunity to build your credit,” Ali said.

He said the bank will target entrepreneurs at the grassroots level, including those in hinterland and riverine communities, with opportunities spanning agriculture, agro-processing, tourism, manufacturing, services and technology. According to Ali, applicants will not simply receive financing. They will be helped to refine business ideas, prepare proposals, access technical expertise and connect with existing Government programmes and markets.

He said the model is intended to help small operators move away from fragmented production and form larger, more efficient enterprises.

Ali cited agriculture as one area where groups of farmers, single mothers and young entrepreneurs could pool resources, access modern infrastructure and technical assistance, and increase production. “The whole intention is to use this opportunity to build something that is long lasting, strategic, strong, and of course, is not in competition at all with the commercial banks. This is really to unlock more financing,” he said.

The President also highlighted the potential for small businesses to supply larger companies, while developing Guyanese brands for the domestic, regional and international markets.

Opportunities identified during the discussions included community-based tourism, information technology, food processing, high-value agriculture, poultry production, dragon fruit farming, eco-lodges and packaged Guyanese food products. Ali said the development of businesses that can expand beyond individual operators will be critical to the bank’s success.

He also stressed financial literacy and responsible financial management, arguing that entrepreneurs must be able to manage income and build sustainable businesses once they begin generating profits.

“It’s economic transformation. Financial empowerment. It’s about widening the depth of income, adding more disposable income in your pocket, helping in the diversification of our economy and building the grassroots aspect of the economy stronger,” Ali said.

Under a planned co-financing arrangement, successful GDB borrowers could eventually access up to G$7 million in additional financing from commercial banks at favourable interest rates. The institution is also expected to facilitate business consortia, allowing entrepreneurs to pool resources, specialise and share risks.

Ali said the initiative will require collaboration among commercial banks, established businesses, mentors, technical professionals and community leaders. The October 5 launch will mark the formal introduction of the development bank as Government seeks to widen access to financing and bring more small businesses into Guyana’s expanding economy.

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DPI, GDB, President Irfaan Ali

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