— farmers, small business owners say initiative will help them expand operations

GUYANESE entrepreneurs and farmers have welcomed the launch of the Guyana Development Bank (GDB), saying its interest-free, collateral-free loans of up to $3 million could help them overcome financial barriers and expand their businesses.
The bank commenced operations on October 5, 2026, offering financing to small and medium-sized enterprises (SMEs) across the country as part of efforts to support entrepreneurship and business development.
For many small business owners, access to financing has remained a challenge, particularly where traditional lending institutions require collateral and charge interest.
Manager and owner of Netsurf Power, Stephen Thompson, described the establishment of the bank as a timely initiative that could provide much-needed support to entrepreneurs with promising business ideas.
“I believe it would be great for them; especially those who have some brilliant ideas in different parts of Guyana, and suffering or having financial challenges, this would be a powerful move,” Thompson said.
He noted that the application process, which requires entrepreneurs to submit a detailed business plan, could make financing more accessible to those seeking to develop or expand their operations.
Thompson said he is also considering applying for a loan to support his company’s expansion plans.
“For my company definitely, I will be considering it; I have expansion ideas for my business, so this is a nice initiative, the requirements are not so strenuous and that’s even a plus I think for all of us Guyanese and entrepreneurs,” he said.
SUPPORT FOR FARMERS
Farmers have also expressed optimism about the opportunities being created through the Development Bank.
Crystal Persaud, a representative of the Zeelugt Farmers Association who cultivates peppers, said young farmers have often struggled to secure loans from commercial banks.
She explained that interest charges and repayment obligations can place additional pressure on farmers, particularly those who are still establishing their operations.
Persaud believes the new financing facility could help farmers invest in their businesses without the added burden of interest payments.
“With this, you can also help yourself in becoming a sustainable entrepreneur, not one that is just on a margin line, but one that can help you to better yourself and grow your business,” she said.
Another young farmer, Mohamed Latiff, said the initiative could help him pursue several agricultural ventures.
“It is a very good thing for farmers. It will help the farmers out a lot; especially me, as I’m a young farmer now starting my business and growing, so I really need the financial help to develop and expand my business,” Latiff said.
He explained that his expansion plans include dairy farming, poultry production and crop cultivation, with the possibility of venturing into organic farming.
Latiff also hopes to invest in measures to protect his farmland from animals that could damage his crops.
“I plan to do dairy, poultry, agriculture and maybe organic farming. I also need this money to secure my land from animals, because I don’t want them to come and destroy my crop and lose a lot of profits,” he said.
DIGITAL LOAN APPLICATIONS
The Guyana Development Bank operates through an online platform at https://gdb.gov.gy/, allowing applicants to submit loan requests and supporting documents electronically.
The platform provides access to two categories of financing: quick loans of less than $300,000 and SME loans ranging from $300,000 to $3 million.
Approved loans are disbursed directly into borrowers’ bank accounts, while repayments are facilitated through the banking and financial system.
Borrowers can also use the digital platform to manage their loans throughout the repayment period.
Additionally, applicants who require assistance can request appointments to meet with bank officers for face-to-face guidance.
The initiative is intended to improve access to financing for entrepreneurs across Guyana, particularly those seeking to establish new ventures, increase production or expand existing businesses.
For Thompson, Persaud and Latiff, the bank represents an opportunity to pursue business ambitions that may otherwise have been constrained by limited access to affordable financing.