–Dr. Singh says; points to widening access to business finance

ENTREPRENEURS will be able to apply for finance, track their applications and manage their loans online through Guyana Development Bank’s digital platform, Senior Minister in the Office of the President with Responsibility Finance Minister Dr. Ashni Singh has said.
During an interview, Dr. Singh said applicants would be able to submit details of their business ideas, and, depending on the size of the loan sought, upload basic supporting information.
“We deployed the national cash grant initiative, using a digital solution, and implemented it and executed it with remarkable success.
“Hundreds-of-thousands of persons signed up online without leaving their home, put in their bank account information, and got their cash grants straight into their bank account, which, in some sense, demonstrated that this is very eminently doable. And so, the Guyana Development Bank uses the same digital technology; easy to access, easy to use,” he said.
The online service is intended to guide customers through the loan process, and let them monitor their applications and repayment obligations.
Applicants who prefer to speak to staff in person will also be able to request appointments at offices planned across all 10 administrative regions, although Dr. Singh said the government’s preference was for people to apply online.
The bank’s purpose is to help small businesses that have struggled to obtain finance through traditional lenders, including entrepreneurs without collateral or a banking track record. Dr. Singh said the loans would carry no interest and require no collateral.
More than G$20 billion has been budgeted for disbursement to small businesses in 2026.
The bank plans to offer support beyond lending, including mentorship, training, coaching, and capacity-building for its clients. Dr. Singh said its goal was to help entrepreneurs develop sustainable businesses, while emphasising that success would also depend on owners managing their businesses responsibly.
Offering some advice, the finance minister said: “Come up with an interesting idea that you know you’re good at; that you know you’re going to be able to convert into a commercially viable enterprise. Put up a good proposal, access your financing, and then manage your business well. Manage your business well. There’s no shortcut to success.”
He stressed: “No matter what the government does, no matter whether we provide financing, no matter what, no matter whether we provide coaching and mentorship. There’s no shortcut to success if the business owner and the entrepreneur themselves, if they are not committed to managing their business well.”