Guyana Development Bank: 20,000 applications received within weeks of launch

President Dr Irfaan Ali has disclosed that an estimated 15,000 to 20,000 persons have already applied to the newly launched Guyana Development Bank (GDB) for support to establish or expand business ventures. The President made the disclosure on Tuesday during an interview, pointing to the response since the bank was launched on October 5 as an indication of interest in the initiative.
“Imagine launching such a huge national programme. You have maybe 15,000, 20,000 persons who have applied already, without a line, without a single line, without any long line anywhere, just from their bedroom, from their desk, on a cricket field,” Ali was quoted as saying by the Department of Public Information (DPI).
Applications are currently being evaluated, with teams assessing submissions and grouping applicants according to the sectors in which they intend to invest.
According to the DPI report, Ali also highlighted the business ideas submitted through the programme, including proposals from young people seeking to pursue entrepreneurial opportunities. The bank is intended to combine digital services with a physical presence across the country, allowing applicants to access assistance while limiting the need for an extensive bureaucratic structure.
Ali also urged citizens to obtain their digital identification cards and establish bank accounts, describing both as important components of the country’s expanding digital framework.
“The future that you’re building is built on these important national assets,” he stated.
Meanwhile, the bank’s board is considering candidates for the position of Chief Executive Officer (CEO), with Ali indicating that an appointment is expected soon.
The launched of the GDB marked the fulfilment of a key commitment to expand access to financing for entrepreneurs and small businesses across Guyana.
The new institution will provide up to G$3 million in zero-interest, zero-collateral financing, creating a new avenue for Guyanese seeking to establish or expand their businesses. At the launch earlier this month, President Ali had highlighted that the bank is intended to address the financial barriers that have long prevented aspiring entrepreneurs, including young innovators, single mothers, farmers and skilled tradespeople, from accessing the resources needed to start or grow their enterprises. This publication reported that with an initial capital of US$100 million, the State-backed financial institution offers loans of up to G$3 million to citizens and small and medium-sized enterprises (SMEs) across a wide range of sectors, without requiring collateral or charging interest.
In a message marking the operationalisation of the bank, President Ali said its establishment fulfilled a commitment made in the People’s Progressive Party’s (PPP) 2025 manifesto to create an inclusive financial system in which no citizen is left behind in the nation’s transformation.