Development Bank to help small businesses grow, export, compete

Access to affordable financing through the newly established Guyana Development Bank (GDB) will give small businesses the opportunity to expand production, invest in modern equipment and compete in regional and international markets. Founder and Chief Executive Officer (CEO) of 592 Wines, Juices and Shakes, Antoine Austin, said the institution will address one of the biggest obstacles facing local entrepreneurs limited access to capital. “It’s a good initiative for small businesses, especially like mine, so that we can get access to finance, because that’s the most important and the most scarce commodity. With the bank on board, we will be able to purchase the machine so we could have our packaging at a cheaper cost, which means that we could compete on the market and even export,” he is quoted as saying in a Department of Public Information (DPI) report. Austin explained that financing would enable his company to purchase equipment to manufacture its own bottles and labels, significantly reducing production costs and improving competitiveness. He noted that additional capital would also allow the business to purchase larger quantities of seasonal fruits used in its wines and juices.

It will ensuring a more consistent supply throughout the year. He said, “With a loan from this bank, we will be able to amp our supply, which means now we could talk about exporting, because we will have enough to export and also to meet the local demand.” The entrepreneur, who has been operating since 2015, credited Government support and the Guyana Marketing Corporation (GMC) for helping his products reach supermarket shelves and expand into new markets. He said the establishment of the GDB marks another significant step in strengthening small businesses, adding that he intends to apply for financing once the institution begins accepting applications. For beekeeper Akeeme, (only name given), the Development Bank represents an opportunity to strengthen existing businesses while contributing to the country’s economic development. “I think it’s a good initiative because it helps my business to grow and it also gives the country a little boost.” He noted, according to DPI, that easier access to financing would allow entrepreneurs to invest in their operations without the burden of traditional lending requirements. Meanwhile, owner of Exotic Bites, Alita Crandon, said the new institution would provide small business owners with the support needed to expand their operations and take calculated risks.

“The bank is a good initiative that will help small business owners like me to grow and boost our business.” Crandon, whose business produces natural, organic and vegan products, encouraged fellow entrepreneurs to seize the opportunity once financing becomes available. “Take advantage of the opportunity because it’s a once-in-a-lifetime opportunity, so why not take advantage of it?”