More development institutions needed to support local business growth – New Hayven Chair

To help more local businesses grow into attractive, investment-ready enterprises, Guyana needs more development institutions that can guide business owners along clear pathways to securing investment, scaling operations and expanding their businesses. This is according to the Founder and Chairman of the New Hayven Merchant Bank, Floyd Haynes, during a recent episode of the Energy Perspectives podcast. “I think we have to have a few more developmental institutions… The ecosystem for a successful business needs to be developed, and so you need development agencies. We have some, but I think we need a few more,” he stated. Haynes, who helped to develop the model for the Guyana Development Bank (GDB) noted that the state-led initiative, which aims to boost small and medium-sized enterprises (SMEs) by offering zero-interest, collateral-free startup and expansion loans up to GYD $3 million, is a step in the right direction. “One of the requirements of the Guyana Development Bank is going to be that before you get a loan, you have to go through a training process… Because ultimately, the goal is to create businesses that one day could step into the shoes of what is now being done by many foreign companies. The goal is for Guyanese companies to one day take over those roles.”
“Well, to that, you need capacity building, and for capacity building, you need several agencies performing that function… we need more professional development and just general business development in areas of finance, marketing, management, and more – all of what makes for the ecosystem of a successful business,” he emphasised. In fact, the New Hayven Merchant Bank, which was established in 2022, has been providing such developmental support for businesses in Guyana.
According to Haynes, the bank has raised financing in excess of US$100 million for the local economy across various sectors such as oil and gas, mining and construction. Unlike traditional commercial banks that provide loans, he explained that the merchant bank is more focused on investments. “[If] you’re a startup, a new business, or an existing business that ‘ s looking to grow and you need an infusion of capital, you come to us. Then we go out and we raise the money and we invest in your business. And we don’t only bring financing. We bring all kinds of financial expertise. So, it could come with financial advice. It could come with training. It could come with all sorts of things in addition to the funding, and we help you grow, expand and scale your business,” the Chairman noted. Haynes further pointed out that foreign companies continue to come to Guyana looking for local partners, and Guyanese-owned businesses must ensure they are investment-ready – something that is a major challenge for local firms.
“If you’re an existing business, [investors look at] what you have done, what your financial track record is, and what your performance track record is. And then they’re looking forward: where you are going [and] what your vision for the future is. Because if you’re putting money into a business, there are a lot of risks, so we have to be able to assess that risk, and the only way to assess that risk is to look at things like the business plan.”
“With the explosion of oil and gas, and the oil industry at large, has come a demand for more rigor. And businesses now have to think beyond ‘I have an idea and I want to start a business; I need money. ‘ You now have to have a plan…so that when [you] sit with the investor or banker, [you] can articulate a vision that’s impressive and differentiates [you] from everybody else. So, you’ve got to get the businesses ready for that type of thing,” he asserted.
Just last month, the National Assembly passed the GDB Act 2026, paving the way for existing and aspiring Guyanese small business owners to access financing and other support services. This, coupled with President Dr Irfaan Ali’s subsequent assenting into law, now allows for the operationalisation of the Development Bank that targets women, youths and other vulnerable groups.
Over the coming weeks, the Government will be launching the GDB across the country, not just offering interest-free, collateral-free loans in a wide spectrum of sectors but also providing services such as mentorship, business development training, technical assistance and formalisation guidance.