THE Guyana Youth Entrepreneurship Chamber (GYEC) has welcomed the operationalisation of the Guyana Development Bank (GDB), saying its financing model could help address longstanding barriers faced by young entrepreneurs seeking capital to establish and expand their businesses.
In a statement issued on October 6, GYEC said the new institution represents a significant expansion of access to financing for young Guyanese, particularly those who have struggled to secure traditional bank loans because of limited collateral, credit history or business track records.
The Chamber noted that the GDB’s financing model includes zero-interest, zero-collateral loans, with young people, women and persons with disabilities identified as priority groups.
GYEC Senior Vice-President, Juliana Lopes, said the bank could change the financing landscape for young entrepreneurs with viable business ideas but limited access to conventional credit.
“Every week we meet young people in Georgetown, Berbice, Essequibo and the hinterland who have done the hard work of building a product, finding customers and keeping their records, and who still cannot get a first loan because they have nothing to pledge,” Lopes said.
She said the GYEC welcomed the Government’s move to establish an institution focused on addressing that financing gap and encouraged young entrepreneurs to make use of the opportunity.
The Chamber also welcomed the GDB’s emphasis on mentorship, training and business coaching alongside financing.
GYEC said such support would be particularly important for first-time borrowers who may require assistance with preparing business plans, maintaining proper financial records and managing loans responsibly.
The organisation also highlighted the bank’s emphasis on collaboration and consortium-building, which could allow entrepreneurs with complementary skills and businesses to combine their resources and pursue opportunities that may be beyond the capacity of individual enterprises.
GYEC Executive Director Dennon Lewis urged prospective borrowers to approach the financing process with careful planning and a clear understanding of their responsibilities.
“A loan is an opportunity and a responsibility, and we want our members to walk through this door prepared,” Lewis said.
He added that the Chamber was encouraging its members to submit well-prepared applications and use borrowed funds productively.
“When young entrepreneurs borrow wisely, invest in productivity and repay on time, the Bank’s resources grow and reach the next young person in line,” he said.
GYEC said it stands ready to work with the GDB to reach young entrepreneurs across Guyana’s 10 administrative regions.
The Chamber also congratulated the bank’s inaugural Board of Directors, including Chairperson Abu Zaman, Deputy Chairperson Kathy Smith and Directors James Bond, Sukrishnalall Pasha, Dion Inniss, Nalinie Singh and Praem Rambharak.
The GDB was recently operationalised with a mandate to widen access to development financing and support productive activity, particularly among businesses that may face difficulties obtaining financing through conventional commercial lending channels.