The Guyana Development Bank will operate through a comprehensive support network designed to guide entrepreneurs from the conception of an idea to the expansion of a successful enterprise, President Dr Mohamed Irfaan Ali announced on Wednesday.
As the government advances preparations for the institution’s launch, the president unveiled details of the bank’s organisational structure, describing it as a “bottom-up” model that places mentorship, technical support, financial literacy and business development at the centre of its operations.
Unlike traditional lending institutions, the Guyana Development Bank will pair financing with a nationwide support system comprising facilitators, mentors, technical officers, sector specialists and regional credit officers.
“As I alluded to earlier, the structure of the Guyana Development Bank is geared towards continuous support. This structure is bottom-up, and the entire structure speaks to a hand-holding exercise,” President Ali explained.
He said regional credit officers will work directly within communities, helping prospective borrowers develop business concepts, prepare applications and monitor projects as they progress.
“These credit officers will not be there in suits. These credit officers will be in the field working with you, helping you in the development of your idea, checking on projects, and supporting the framework of what you’re trying to achieve,” the president said.
A key feature of the model will be the use of facilitators and mentors who will help entrepreneurs sharpen their ideas, improve management skills and access training opportunities.
The facilitators will also organise borrowers into clusters based on similar business interests, allowing them to benefit from shared experiences, specialised training and sector-specific support.
President Ali said the approach is intended to create stronger and more resilient enterprises while improving the chances of long-term success.
“Mentorship is essential, and mentorship is a foundational pillar through which the Development Bank will grow and will support the success of your venture,” he stated.
The president explained that as businesses expand, sector specialists and technical officers will provide additional guidance to help entrepreneurs scale up operations and access larger financing opportunities.
This support will extend beyond the initial loan period and include assistance with integrating successful enterprises into the commercial banking system.
“We are not leaving you alone to go to the commercial bank. We are going to support you with the technical services; we’re going to support you with the specialist services; we’re going to support you with the technical services to get to the commercial bank, to scale up your business, to expand your business and to grow from where you have started,” he said.
The Development Bank was first proposed in the People’s Progressive Party/Civic’s 2020 manifesto and is intended to support small and medium-sized enterprises, create new business opportunities and expand wealth creation among Guyanese families.
President Ali emphasised that the institution is being designed as a long-term development tool rather than a short-term financing programme.
The bank’s initial phase will offer interest-free and collateral-free loans to qualifying applicants. However, the president stressed that the initiative is not a grant programme and will require commitment, discipline and hard work from beneficiaries.
“It is a business opportunity. This is a loan that is interest-free and collateral-free, but it’s not a grant. It is meant to allow you to build a business, to build prosperity, to build an enterprise, to build off your creativity and ideas,” he explained.
According to President Ali, the model was developed after studying development banking systems in Asia, Europe and other regions, to create a uniquely Guyanese approach to entrepreneurship and business development.
“We have tried to come up with a simplified version of a development bank that is rooted in support, rooted in hand-holding, rooted in mentorship, rooted in financial inclusion, rooted in empowerment and rooted in the ability to support the movement of success into greater success and greater business opportunity,” he said.
The legislation establishing the Guyana Development Bank is currently before Parliament, while the government continues to put the operational and administrative structures in place ahead of its launch.
DPI
