Min Ally highlights Development Bank’s role in strengthening youth and women-owned businesses

Small business owners on the East Coast will gain better access to financing with the launch of the new Guyana Development Bank.

Speaking at the Better Hope Community Centre on Sunday, Minister of Public Service, Government Efficiency and Implementation, Zulfikar Ally, reminded young entrepreneurs and women that they will soon be able to access microcredit loans of up to $3 million.

Minister Ally stated that the Development Bank is designed to help small businesses get funding when they can’t meet the strict requirements of regular banks.

The initiative, he noted, is aimed at stimulating economic growth and fostering innovation.

“The development bank is there for the development of our people, to give them a head start in achieving their dreams and aspirations,” he said.

In addition to the $3 million available to entrepreneurs, they can also access $7 million in financing at preferential rates from commercial banks.

“We have one of the lowest default rates, and that is because people are repaying their loans,” Minister Ally disclosed.

Recipients will also benefit from mentorship, financial literacy training and ongoing business coaching.

“We will work with you to ensure that your business plan is sound, so that when you take the loan, you can succeed. We will continue working with you throughout the process,” he added.

Many small business owners, both new and experienced, praised the initiative as a helpful step towards success after learning about the support and financial opportunities available to them.

Kishawn Permanand said the programme could positively influence young people and the wider economy.

“This is a very strong, positive initiative for our country as it is a stepping stone for youths to actually start a business and be productive. They are going to be less on their phones, they are going to make money, and I think this is going to be an overall positive influence for our economy,” he said.

Quyana Hinds, a young aspiring entrepreneur, also expressed optimism about the opportunities being created.

“I was very intrigued by what was discussed. It is encouraging to know that the government is not only introducing initiatives but also providing direct access to information,” she noted.

Eufaratia Beresford highlighted the importance of the zero-interest loans, particularly for vulnerable groups.

“It is a good initiative, especially for young people and single parents. Many small business owners cannot meet the requirements of commercial banks, so this will make a significant difference,” she said.

This was the first in a series of engagements ahead of the bank’s official launch.