—Finance Minister reaffirms government’s commitment to business-sector growth as Development Bank to help SMEs scale, graduate into formal financial system

SENIOR Minister in the Office of the President with Responsibility for Finance, Dr Ashni Singh, on Friday assured members of the business community that the government remains committed to creating opportunities for local enterprises to grow, expand and succeed, stressing that a thriving private sector is critical to Guyana’s continued development.

Delivering the feature address at the Georgetown Chamber of Commerce and Industry’s (GCCI) Breakfast Seminar at the Marriott Hotel, Georgetown, Dr. Singh said the government views its relationship with the private sector as one of shared objectives, where business success translates into broader national prosperity.

The seminar was held under the theme, “Transforming Business Opportunities: Accessing Growth through the SME Development Bank of Guyana.”

“You have in President Ali’s government a government that is committed to our relationship with you. We see our objectives as the same or perfectly aligned. We want to see you do well because we believe that a growing private sector that seeks out and finds and converts business opportunities into income, prosperity and wealth, can only redound to a more prosperous and a more successful country,” Dr. Singh told attendees.

A significant portion of his presentation focused on the proposed Guyana Development Bank, legislation for which was recently presented to the National Assembly.

According to the Finance Minister, the institution is intended to provide much-needed financing to small and medium-sized enterprises (SMEs), allowing entrepreneurs with viable business ideas to access capital and expand their operations.

“We want to pass this law because we want to start establishing the bank and start disbursing this money to good entrepreneurs like yourselves who have good bankable projects, bankable project ideas,” he said.

Dr. Singh reminded participants that the Development Bank forms part of the government’s wider agenda to improve access to finance and financial inclusion, particularly for aspiring entrepreneurs who may face challenges securing traditional loans.

Under the initiative, eligible borrowers will be able to access loans of up to $3 million without collateral and without interest.

However, the minister emphasised that the facility should not be viewed as a grant programme or an end in itself.

“The idea is that this bank will be self-sustaining and these funds will revolve. Because we don’t want only the first cohort to benefit; we want a first cohort to benefit and then a second and a third and a fourth,” he said.

Dr. Singh stressed that applicants would still be required to present sound and bankable business proposals, noting that the long-term objective is to help borrowers establish themselves and eventually access larger financing opportunities through commercial banks.

“The ultimate destination for borrowers is not the $3 million loan. This is only the first step in the journey,” he explained.

He added, “Our intention is for every borrower from the Guyana Development Bank to graduate into the formal financial system and to be able to get bigger loans from the commercial banks.”

The minister also highlighted the government’s broader financial inclusion agenda, pointing to measures aimed at encouraging citizens to participate more actively in the formal banking sector.

He urged Guyanese to establish banking relationships, save consistently and utilise assets such as house lots to build wealth and secure financing opportunities.

“There’s a whole chapter in the manifesto on financial inclusion. That’s about citizens participating in the formal financial sector,” Dr. Singh said, while noting that approximately 60,000 house lots have been distributed over the past five years.

“That piece of paper is a piece of capital,” he added.

Meanwhile, GCCI President Kathy Smith welcomed the establishment of the Development Bank, describing it as a response to long-standing calls from the business community for improved access to financing.

She said the institution has the potential to transform the fortunes of thousands of entrepreneurs and small-business owners across the country.

“With the establishment of this institution, the government has answered our collective calls, but we must now ensure that we do our part to prepare,” Smith said.

She noted that the bank could provide opportunities for a wide cross-section of Guyanese, from small-scale operators seeking to expand to aspiring entrepreneurs looking to turn business ideas into sustainable ventures.

“Today can be the day that you will look back on in a few years and say, that is the moment that my life changed,” Smith told participants.

According to her, the seminar was organised to help micro, small and medium-sized enterprises better understand the opportunities that will become available through the Development Bank and the resources that can support their growth.

The event also featured a panel discussion and question-and-answer session with representatives from the private sector and business-support organisations.

Panelists included Managing Director of Opulent Consultancy Inc., Shaleeza Shaw; Deputy Chief Executive Officer of the Small Business Bureau, Simon Pollard; Founder of Guyana Payroll Solutions Inc., Marlon George; and Programme Lead at the Centre for Local Business Development, Ron Glasgow.

The proposed Guyana Development Bank is expected to play a central role in the government’s efforts to expand entrepreneurship, improve financial inclusion and create new pathways for economic participation among Guyanese citizens.