The Guyana Bank for Trade and Industry (GBTI) on Friday launched its ‘GROW’ initiative aimed at making financing easier and more accessible to Small and Medium-sized Businesses (SMBs).
The ‘GROW’ initiative will offer tailored financial solutions designed to address the needs of small and medium-sized businesses to maximise their full potential.
Speaking at the launch of the initiative, GBTI’s Chief Executive Officer (CEO) Shawn Gurcharran highlighted that Small and medium-sized enterprises are a vital pillar in economic growth but are often met with the challenge of easily accessing financial loans.
“In a booming oil and gas economy, it bemoans us to remain committed to food security and the enhancement of vulnerable groups in our society. Small and medium-sized enterprises are a vital pillar of economic growth and development, accounting for a significant share of job creation, innovation and importantly, wealth generation. Yet we know that SMEs often face unique challenges such as accessing finance, navigating regulatory frameworks and scaling up operations.”
In this regard, the CEO revealed that to tackle this issue, the banking institution has developed its ‘GROW’ initiative.
“This is why the establishment of GBTI GROW is not just an addition to our portfolio, but it is a strategic initiative aimed at addressing these challenges head-on. Through GBTI GROW, we will provide tailored financial products and tools designed to help small businesses to succeed in a competitive and dynamic environment.”
Gurcharran added that the location of the new centre at Mon Repos, East Coast Demerara (ECD) was strategically planned while noting that it aligns with the organisation’s dedication towards providing equal opportunities for all.
“GBTI GROW is our way of ensuring that no entrepreneur is left behind and the growth of our country is inclusive and sustainable. Our choice of location was very intentional. Being a stone’s throw away from the largest market on the East Coast provides many opportunities for us to forge partnerships with people involved in agriculture, small services and growing businesses.”
Also present at the ceremony was the bank’s Director Suresh Beharry, who stated that the initiative will bolster the long-term strength and sustainability of the country’s economy.
“Our country stands at a pivotal moment in its history. With the rapid economic growth and transformation brought about by the oil and gas sector. However, while the oil and gas sector serves as a catalyst, the long-term strength and sustainability of our economy depend on our diversification. This is where SMEs come in. Small and medium enterprises are uniquely poised to drive diversification in sectors such as agriculture, manufacturing, tourism, technology and services. They ensure that economic progress reaches every region and community, creating opportunities for a broader cross-section of Guyanese.”
Delivering special remarks at the event was Finance Minister Dr Ashni Singh who highlighted that regardless of size, most businesses encounter problems when applying for loans. On this note, he applauded GBTI for the new initiative specifically tailored to benefit SMBs.
“I think the fact that you’ve decided to introduce a special branch is absolutely fantastic, I don’t believe that any other bank has a dedicated branch focusing on the SME sector. Of course, there are some smaller SME specialist SME credit agencies. Well, this is an absolutely fantastic initiative because it’s a branch and a facility and a window specifically targets the SME centre. and I really salute from the bottom of my heart.”
Moreover, he urged stakeholders at GBTI to make the loan-accessing process more appealing by educating persons on areas such as collateral alternatives outside of real estate.
“I think there is a lot of room for public education, an outreach to explain to people that getting a loan is not that difficult. You don’t need a fixed salary; you don’t necessarily need real estate collateral. These are alternative ways in which you can do this. I want to appeal to GBTI, given that you have taken this remarkably bold step of establishing this new branch and of establishing this special facility on these new products that target the SME sector, I want to appeal to you, maybe in collaboration with the chamber of commerce, reaching on to SMEs to see how can we partner to meet make the appetite for credit greater.”
The new banking division will serve as a one-stop destination for businesses seeking loans, advisory services and innovative financial products that facilitate expansion and sustainability.
GBTI GROW will offer specialised programmes, and affordable and flexible financing options tailored to meet the unique needs of micro and SMEs. Guidance on financial management, business planning and access to markets through strategic partnerships
Notably, GBTI has formed alliances with key agencies such as the Guyana School of Agriculture, the National Agricultural Research and Extension Institute (NAREI) and the Agriculture Ministry to explore ways in which they can work together to improve the viability of opportunities available.
