An estimated 15,000 to 20,000 people have already applied for support from the Guyana Development Bank, President Dr. Irfaan Ali said on Tuesday, as officials begin assessing proposals submitted since its October 5 launch.
Ali described the early response as encouraging, pointing to the online application system’s ability to accommodate thousands of prospective entrepreneurs without requiring them to queue at an office.
“Imagine launching such a huge national programme. You have maybe 15,000, 20,000 persons who have applied already, without a line, without a single line, without any long line anywhere, just from their bedroom, from their desk, on a cricket field,” he said during an interview.
The applications are being evaluated and grouped according to the sectors in which applicants intend to invest. Ali said submissions included promising business ideas from young Guyanese.
The bank offers eligible small and medium-sized businesses loans of up to $3 million without interest or collateral. Its mandate covers all ten administrative regions, supporting both new ventures and the expansion of existing businesses with viable plans. moe.gov.gy
The financing is intended to address barriers that have prevented entrepreneurs from accessing conventional bank loans, particularly the need to provide security and meet interest payments.
The government announced an initial capital injection of US$100 million for the institution, equivalent to approximately $20 billion. Women, young people and persons with disabilities are among the groups the initiative is intended to support.
Ali said the bank would combine online services with a physical presence across the country, allowing people to obtain assistance while avoiding a cumbersome administrative structure.
Beyond submitting applications, borrowers will be able to use the bank’s digital platform to manage their loans throughout the repayment period, according to the Government’s launch announcement. moe.gov.gy
The President also encouraged Guyanese to obtain digital identification cards and open bank accounts, saying these would become increasingly important as more services move online.
“The future that you’re building is built on these important national assets,” he said.
Meanwhile, the bank’s board is considering candidates for chief executive officer, with an appointment expected soon.
