New Haven Merchant Bank launches $25M SME Fund, capitalising on Guyana’s economic potential

The New Haven Merchant Bank (NHMB) is poised to amplify Guyana’s economic trajectory through the launch of its $25 million Small Medium-sized Enterprises (SMEs) fund. This initiative aims to empower both investors and entrepreneurs, offering opportunities for capital investment and business growth.

Floyd Haynes, owner of NHMB, emphasised the bank’s role in unlocking Guyana’s economic potential. Speaking recently to the Department of Public Information (DPI), he stated, “We are getting ready to launch a small medium Enterprise fund, we are looking to start at $25 million…so investors can either invest through the fund, which in turn will invest in the business or you can invest directly into business.”

Haynes highlighted the pivotal role that financial institutions like NHMB play in facilitating strategic investments and providing a gateway for global investors to participate in Guyana’s diverse economic sectors.

He further mentioned specific sectors demonstrating promising returns, particularly agriculture, where government policies and initiatives under the PPP/C administration are creating fertile ground for growth. Haynes expressed confidence in Guyana’s potential to reclaim its title as “The bread basket of the Caribbean.”

Guyana’s stable political environment and significant oil discoveries are attracting attention from both local and international players seeking lucrative opportunities.

“Guyana represents your best opportunity at this point in time. If you are in North America, the markets are very saturated… but if you are looking for what we call a ‘hockey stick return’, where you can invest today and expect an exponential growth at a rapid pace, there is no place other than Guyana… It probably offers you a better return than you can get any other place in the world,” Haynes posited.

NHMB’s commitment extends beyond Guyana’s borders. Through a signed memorandum of understanding with the AFRIEXIM bank, NHMB aims to expand investments beyond Africa, linking foreign investors to the vibrant Guyanese economy.

“When AFREXIM held their investment conference in Guyana this year, we (NHMB) have been talking about putting in place a facility and we have been talking with AFREXIM bank. We came to an agreement that was announced at that conference that they will provide us a facility at $15 million which we can then lend to local businesses in Guyana,” Haynes noted.

Haynes emphasised the importance of strong financial statements, a proven track record, and a capable management team for businesses to be eligible for these loans.

Meanwhile, according to a recent International Monetary Fund (IMF) report, Guyana is projected to grow about 59.5 per cent this year with the potential to surpass this prediction due to achievements to date.