Guyana Development Bank opens new doors for Guyanese entrepreneurs – GMSA

See full statement below from GMSA President Rafeek Khan on the operationalisation of the Guyana Development Bank: 

The Guyana Manufacturing and Services Association (GMSA) warmly congratulates His Excellency President Dr. Mohamed Irfaan Ali and the Government of Guyana on the launch of the Guyana Development Bank. Established under the Guyana Development Bank Act 2026 and backed by US$100 million in initial capital, the Bank represents a landmark investment in the people who power our economy: Guyana’s small and medium-sized enterprises (SMEs).

For too long, access to affordable finance has stood between a good idea and a growing business. By offering loans of up to GY$3 million at zero interest and without collateral, paired with mentorship and technical support, the Bank removes that barrier for entrepreneurs across the country, from our hinterland and riverine communities to our towns and city.

The Guyana Development Bank arrives at exactly the right moment. Many of our SMEs are no longer content to grow one small step at a time. They are aiming to leapfrog: to bypass traditional, incremental growth stages and move directly to advanced technologies, modern equipment and new business models.

Guyana’s economy is rapidly expanding, Guyanese companies must be ready to compete for that business today, not years from now. Affordable capital is what will turn the ambitions into reality for small businesses to accelerate their growth and have the capacity to win larger contracts.

This is a historic time for Guyanese entrepreneurs. The Guyana Development Bank tells every small business owner that their ambition matters to this nation’s future. Our SMEs have talent and determination. What many lack are affordable capital to invest in the technology and systems that let them compete. That door is now open. We commend the Government for this bold move, and we urge our businesses to walk through that door with well-prepared plans and the confidence to think big.

The GMSA is preparing to support small businesses across all sectors to make the most of this opportunity. As the voice of manufacturing and services in Guyana, the Association will work alongside the Bank and its partners to help SMEs prepare sound business plans, financial records and loan applications; connect entrepreneurs with mentorship, technical expertise and training; link small businesses to buyers, supply chains and new markets through GMSA’s industry networks and B2B platform; encourage investment in modern equipment, technology and quality standards that allow firms to leapfrog; and carry the private sector’s feedback to the Bank so its programmes continue to meet the needs of businesses on the ground.

To every manufacturer, farmer, artisan, technician and service provider: this is your moment. Do not wait for opportunity to find you. Put your records in order, define clearly how financing will grow your business, and reach out to the GMSA for support.

Think beyond survival to scale, and beyond today’s customers to the opportunities in Guyana’s growing economy and in markets across the region. Borrow wisely, invest in productivity, and repay faithfully, so that the Bank’s resources keep growing and reach the next entrepreneur in line.

Guyana’s transformation will be measured not only by what we produce from the ground, but by the strength of the businesses Guyanese build and own. The Guyana Development Bank gives our SMEs a powerful tool to build them, and the GMSA stands ready to help turn that vision into reality.