GCCI President urges business readiness ahead of SME Development Bank rollout

President of the Georgetown Chamber of Commerce and Industry (GCCI), Kathy Smith, is urging small and medium-sized enterprises (SMEs) to ensure their records, systems, and project proposals are in order, as the Government moves closer to operationalising its long-anticipated SME Development Bank.
Speaking during a recent episode of the Starting Point podcast, Smith said the new financing institution could be transformative for local businesses, but warned that access to funding will depend heavily on preparedness.

“That would be a game changer,” Smith said, noting that while financing opportunities exist, many businesses fail to qualify because they are not properly structured. “The issue that we are having is that some of them – you cannot trace them. And financial institutions want to give, they want to partner, they want to invest in businesses that they can trace.”
Smith emphasised that businesses must operate transparently, maintain proper invoicing and quotations, and separate personal finances from company accounts.
“The company’s money is not your money. You are a separate entity from your business,” she stressed. “If you are to reinvest, if you are to grow your business, you must ensure that the company money can reinvest itself.”
The GCCI president said many small businesses also underprice their services out of fear, a practice she cautioned against.
“Do not price yourself into regret,” Smith said. “They are fearful of pricing based on their talent, their time, and what it takes to invest into the business.”

Women entrepreneurship
Smith, who made history as the first woman to lead the 135-year-old chamber, said her presidency has focused on strengthening confidence among women entrepreneurs, who now account for 46 per cent of GCCI’s membership.
“I felt that I’ve given confidence to women in business,” she said, explaining that more women have begun joining committees and participating actively since her election.
As part of that effort, GCCI has expanded its Centre for Women in Business, with a focus on agro-processing, branding, packaging, and marketing. Smith said the chamber has also secured additional donor support to expand the programme.
She also highlighted ongoing work to integrate more women into the oil and gas sector, particularly in technical roles and contract access.
“We still need to guide them,” she said. “A lot more women need to be in technical positions in the oil sector. Then it’s need for financing because some of them are getting the contracts, but don’t have the finance to execute.”
Smith underscored the importance of networking, cautioning that such events must be treated as serious business opportunities.
“When you turn up to a networking event, turn up with your business card, turn up with a brochure,” she advised. “Let them know your talent, let them know your skill, let them know what you can bring to them.”
She also acknowledged the unique pressures women face in business spaces, particularly balancing professional and domestic responsibilities, and said GCCI has been advocating for workplace childcare solutions.
“One of the things that we are pushing with is for businesses to create a space for a day and night care centre for your employees,” Smith said, pointing to recent implementation by one GCCI member as a model for others.

Private sector optimistic
Looking ahead to the 2026 National Budget, Smith said the private sector remains optimistic, citing visible infrastructure development and increased government engagement.
“I am excited every time I go somewhere and see the development of our country,” she said. “I can trace the government’s budget increase and the investment in this country.”
She noted that the 2025 budget, which stood at approximately US$6.6 billion, was unprecedented and credited it with accelerating infrastructure works nationwide
“We might have some faults, and the fault is that we are getting there,” Smith said. “That’s a Guyanese that is building that small road there. Have some patience with them.”
Smith said GCCI has maintained regular consultations with Senior Minister in the Office of the President with Responsibility for Finance, Dr Ashni Singh, and remains confident that private sector proposals will continue to shape fiscal policy.
“The government has always been a strong partner,” she said. “If we are to carry that brand of being the fastest-growing economy in the world, the private sector… must be strong and robust.”
As she approaches elections for a second term, Smith said her focus remains on strengthening the chamber and expanding opportunities for women and small businesses.
“I have let women know that this role is for you,” she said. “You have to be bold. You have to be courageous. You have to stay in the room.”