“A growing private sector can only redound to a more prosperous country” – Finance Minister tells business community

Delivering the feature address during the Georgetown Chamber of Commerce and Industry’s (GCCI’s) Breakfast Seminar on Friday at the Marriott Hotel, Georgetown, held under the theme “Transforming Business Opportunities: Accessing Growth through the SME Development Bank of Guyana”, Senior Minister in the Office of the President with Responsibility for Finance Dr. Ashni assured the business community that they have in President Irfaan Ali and his government true friends who want to see them succeed as this will also redound to success for the country.

“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 – incomes earned and prosperity and wealth accumulated and built, can only redound to a more prosperous and a more successful country,” Dr Singh explained.

Homing in on the Guyana Development Bank which was presented to the National Assembly during its most recent Sitting, the finance minister explained that the Bill, once passed in the National Assembly, would support the growth and expansion of small and medium enterprises (SMEs).

“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,” Minister Singh posited.

Minister Singh then underscored the administration’s active role in empowering businesses to access capital and scale, reminding the audience that the government created the interest-free, collateral-free Guyana Development Bank which aligns with its manifesto plans and which will be a launching pad for local entrepreneurs.

President Irfaan Ali, while speaking recently about the Guyana Development Bank, had indicated that it is about creating strategies at the individual and small business level that allows Guyanese to win, prosper and succeed.

“You have to create a positive mindset, and this is something I want every Guyanese to have as we embark on this journey together. The first phase of the development bank would create opportunities for thousands of Guyanese. We want every single person that will embark on a journey of success, a journey of fulfilment with the Guyana Development Bank to have a positive mindset,” the Head of State had underscored.

At Friday’s breakfast seminar, Minister Singh reminded the business community further that the development bank will provide a maximum of $3 million free of collateral and
free of interest while urging those interested in borrowing that they must have good bankable projects.

“Because 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. So, you will have to have good bankable projects. And I want to emphasise that the loans given, the $3 million loans given by the SME development bank established by the law, should not be considered as an end in its own right,” Minister Singh explained further.

He said the ultimate destination for borrowers is not the $3 million loan but noted that this is only the first step in the journey, with the ultimate destination being for people to
start up or create a small expansion.

“But we have said explicitly that 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 added.

Dr. Singh concluded by alluding to the People’s Progressive Party/Civic’s (PPP/C’s) 2025 Manifesto plan for financial inclusion of all citizens as he reminded citizens why it is important to get a bank account.

“There’s a whole chapter in the manifesto on financial inclusion. That's about citizens participating in the formal financial sector. Getting a bank account, starting to deposit a few dollars in the bank account, developing a relationship with the bank, being able to apply for a loan with the bank, being able to apply for a bigger loan, using the physical
land the PPP/C distributed to you, using that as equity. 60,000 people got a house lot in the last 5 years; that piece of paper is a piece of capital,” he emphasised.

Also delivering remarks at the event was President of the GCCI Kathy Smith, who commended the government for the initiative while also noting that the private sector is serious about its entrepreneurial goals and the advancement of its business landscape.

“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. For the entrepreneur that
is looking to expand their operations, the baker that wants to turn a sweet hobby into a sweeter source of income, the online store that wants a brick-and-mortar establishment,
the janitor that wants to establish a property maintenance business, and the brilliant mind with an idea that can change your life—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 underscored.

She noted further that Friday’s event was geared towards ensuring that Micro, Small, and Medium-sized businesses are able to grow and evolve through access to the resources
that will be offered by the bank.

A panel session for questions and answers was also included where questions were posed by members of the business community and advice sought from panelists: Shaleeza Shaw (Managing Director of Opulent Consultancy Inc), Simon Pollard (Deputy Chief Executive Officer at the Small Business Bureau), Marlon George (Founder of Guyana Payroll Solutions Inc) and Ron Glasgow (Programme Lead at the Centre for Local Business Development).