Development Bank can spur growth across entire business sector – GCCI President

The soon-to-be-established Guyana Development Bank (GDB) has the potential to stimulate growth across the business community, including larger companies seeking to expand operations and create jobs. Speaking with the Department of Public Information (DPI) on Friday, President of the Georgetown Chamber of Commerce and Industry (GCCI), Kathy Smith, said that while the bank is primarily designed to support micro, small and medium-sized enterprises (MSMEs), its impact could extend much further.

According to the GCCI President, larger businesses may also benefit from the institution through the support for expansion projects that traditional lenders may be reluctant to finance.

“There are some initiatives that sometimes a large company would want to push, and that initiative, of course, is to ensure they bring more people on board in terms of employment,” she explained. Smith noted that even established businesses can encounter challenges securing financing for new ventures and innovative projects.

“But sometimes the bank might not want to invest in that opportunity. I so believe that those are initiatives that can be taken to the development bank,” she said.

Smith pointed out that financing obtained through the bank could serve as seed capital, enabling businesses to leverage additional funding from commercial financial institutions. “We were told by the Government that you can attract something between $10 million and $20 million in additional funding,” the businesswoman stated.

The GDB is expected to provide targeted financing to support entrepreneurship, business expansion and economic diversification, with a strong focus on empowering small businesses and emerging entrepreneurs.