Youth chamber welcomes development bank, calls for entrepreneur readiness

The Guyana Youth Entrepreneurship Chamber (GYEC) has welcomed the establishment of the Guyana Development Bank, announced by President Irfaan Ali, describing it as a significant opportunity to improve access to finance for small businesses.
In a statement, GYEC said access to affordable capital remains a key requirement for private sector growth, particularly for micro and small enterprises in Guyana. It noted that limited collateral, weak credit history, and lack of formal documentation have historically restricted many entrepreneurs from securing financing, slowing business development.
The chamber said the proposed model of zero-interest, zero-collateral loans of up to GYD $3 million for micro and small businesses represents a major shift in the regional financing landscape. It added that the initiative could expand opportunities for youth-led enterprises, women-owned businesses, persons with disabilities, and others operating outside the formal financial system.
GYEC also pointed to provisions allowing consortium arrangements, saying these could encourage collaboration among businesses and improve access to larger opportunities.
However, the organisation stressed that businesses must now prepare to meet lending requirements. It said entrepreneurs will need to strengthen financial management systems, maintain proper documentation, and improve operational discipline to ensure they are “bankable” and able to effectively use financing for growth.
Founding President of GYEC, Rosh Khan, said the development reflects government proactivity in expanding access to finance but added that readiness within the private sector will be critical.
“Our mandate at GYEC is to now ensure that our members are ready for it. Being eligible for this loan is only the beginning. The real work is becoming bankable… GYEC sees the bank not just as a financial mechanism but as a call to action,” Khan said.
He added that the chamber will support entrepreneurs through financial literacy, business management training, and capacity-building programmes aimed at improving compliance and preparation for lending opportunities.
GYEC said it will intensify its programmes in the coming period and is encouraging eligible entrepreneurs to begin preparation ahead of the bank’s rollout.