EXECUTIVE Member of the Private Sector Commission (PSC), Timothy Tucker, is encouraging aspiring entrepreneurs not to wait for the launch of the Guyana Development Bank before preparing their businesses, urging them instead to take advantage of the free support already available through the Small Business Bureau and the PSC.
Speaking on the Starting Point Podcast, Tucker described the proposed Guyana Development Bank as a significant opportunity for budding entrepreneurs, micro businesses and small enterprises seeking access to financing. However, he stressed that prospective applicants must first ensure their businesses are properly established and compliant with the relevant legal and financial requirements.
“So, this is a great initiative, great opportunity for businesses to really go out there and get money that they need,” Tucker said, adding that the bank is expected to provide financing for “budding entrepreneurs, micro businesses and small businesses.”
He cautioned, however, that entrepreneurs should not expect to obtain financing without first putting the necessary foundations in place.
He said, “They’re going to require you to have your house in order because you can’t go to a development bank for a business and you don’t really have a business.”
According to Tucker, one of the first steps for entrepreneurs is ensuring their businesses are formally registered and compliant with statutory obligations, including registration with the Guyana Revenue Authority (GRA) and the National Insurance Scheme (NIS).
He also underscored the importance of maintaining a clear separation between personal and business finances, noting that many new entrepreneurs make the mistake of treating both as one.
“You really have to understand… once you’ve established a business, you [shouldn’t] merge that with your personal finance,” he explained.
In addition to business registration and compliance, Tucker said entrepreneurs should focus on developing a sound business plan and ensuring they are equipped with a “bankable proposal” before seeking financing.
He pointed to several organisations that already provide free assistance to entrepreneurs, including the Small Business Bureau and the PSC’s Business Support Desk.
“There are many organisations within the country that can help you,” Tucker said. “The Private Sector Commission has a Business Support Desk… funded by the IDB [Inter-American Development Bank]. It’s there to help persons get those bankable proposals.”
He added that the Small Business Bureau also offers similar services at no cost, helping entrepreneurs strengthen their business plans and prepare applications for financing.
According to Tucker, these resources can also assist businesses seeking commercial loans from financial institutions, not just funding from the proposed Guyana Development Bank.
He added, “There’s a lot of products out there that can really help you get yourself in order.”
Tucker urged entrepreneurs to begin preparing immediately rather than waiting for the Guyana Development Bank to become operational.
“So, as soon as those gates open at the Guyana Development Bank, you can go right in and secure your financing with a bankable proposal,” he stated.
The government has announced plans to establish the Guyana Development Bank to expand access to affordable financing for small and medium-sized enterprises and other productive sectors of the economy.
The Guyana Development Bank is a government-backed institution designed to provide zero-collateral, zero-interest loans of up to GY$3 million to Small and Medium-sized Enterprises (SMEs). Capitalised with an initial investment of over US$200 million, the bank aims to fund agricultural, tourism, and creative industries across all regions.
The proposed Guyana Development Bank Bill 2026, which is expected to be debated in the National Assembly, establishes a governance framework for the institution, with a board of directors responsible for approving strategic plans, overseeing risk management and safeguarding the independence of credit decisions.
The legislation also requires directors and officers to disclose conflicts of interest and provides for their removal in cases of misconduct or breach of duty.