-with new GROW initiative; expands operations to Mon Repos

THE Guyana Bank for Trade and Industry (GBTI) has taken a significant step towards supporting small and medium-sized enterprises (SMEs) with the launch of its GROW initiative and the opening of a new branch in Mon Repos.

These moves were lauded by Senior Minister in the Office of the President with Responsibility for Finance and the Public Service, Dr. Ashni Singh during the launch of the initiative, which highlights the bank’s commitment to economic growth and financial inclusion in Guyana.

The GROW initiative is set to revolutionise SME financing in the country by offering a suite of tailored loan products designed to address the unique challenges faced by small and medium businesses.

This programme will be available across all GBTI branches, making it accessible to entrepreneurs throughout Guyana.

According to the Senior Finance Minister, the opening of GBTI’s new branch in Mon Repos demonstrates the bank’s recognition of the significant business opportunities in the area and surrounding communities on the East Coast of Demerara.

This expansion is expected to stimulate economic activity, and provide better access to banking services for local residents and businesses.

During the launch event, the Ministry also called on the broader banking sector to prioritise improving access to credit. This includes exploring innovative collateral types, and working towards bringing more individuals into the formal banking system. These efforts are seen as crucial to fostering economic growth and financial inclusion in Guyana.

The GROW initiative is being hailed as a timely and important response to the credit access challenges faced by SMEs.

By listening to its customers and recognising the underserved market segment, GBTI aims to tap into new opportunities while providing much-needed financial support to the SME sector.

This strategic move by GBTI aligns with the government’s broader economic development goals, potentially catalyzing job creation, innovation, and economic diversification through enhanced support for small and medium-sized businesses.