Guyana Development Bank comes into operation

The Government of Guyana on Monday announced the official launch of the Guyana Development Bank (GDB) in keeping with earlier promises made by President Dr Irfaan Ali.

The coming into operation of the GDB represents the delivery of a major commitment made by the PPP/C Government in our Manifesto 2025, and will see the provision of loans of up to $3 million to small and medium-sized enterprises (SMEs) in all ten Regions of Guyana, with no requirement for collateral and no interest to be charged.

This will dramatically improve the access to and affordability of financing for SMEs, and will unlock boundless possibilities for businesses with credible and viable plans to be established and/or expand with the support of the financing provided through the GDB. It is anticipated that the GDB will therefore facilitate significant opportunities for growth and expansion in the SME sector across the entire productive spectrum.

In keeping with our Government’s emphasis on digitisation, the GDB may be accessed through an online digital platform established at https://gdb.gov.gy/ which provides a simple process to apply for loans and submit relevant supportive information. The same platform will be used by borrowers to manage their loans through its entire lifecycle including during the repayment period.

The platform provides for two types of loans, Quick Loans which are loans below $300,000 for which a simplified process and reduced documentation are required, relative to SME loans which are between $300,000 and $3 million and for which slightly more documentation would be needed, but ensuring that the system remains simple and easy to use. Once approved, the loan is disbursed directly into the borrower’s bank account, and repayment is also done through the banking and financial system.

Alternatively, the platform also provides for an option to request an appointment to meet an officer of the bank for face-to face assistance, thereby ensuring that the GDB remains accessible to all.

By these means, the GDB is expected to promote not only greater access to financing for SMEs but also financial inclusion and financial literacy, as well as digital inclusion and digital literacy, all of which are important objectives that the government is pursuing for the people of Guyana.