To help more local businesses grow into attractive, investment-ready enterprises, Guyana needs more development institutions that can guide business owners along clear pathways to securing investment, scaling operations and expanding their businesses. This is according to the Founder and Chairman of the New Hayven Merchant Bank, Floyd Haynes, during a recent episode of the Energy Perspectives podcast. “I think we have to have a few more developmental institutions… The ecosystem for a successful business needs to be developed, and so you need development agencies. We have some, but I think we need a few more,” he stated. Haynes, who helped to develop the model for the Guyana Development Bank (GDB) noted that the state-led initiative, which aims to boost small and medium-sized enterprises (SMEs) by offering zero-interest, collateral-free startup and expansion loans up to GYD $3 million, is a step in the right direction. “One of the requirements of the Guyana Development Bank is going to be that before you get a loan, you have to go through a training process… Because ultimately, the goal is to create businesses that one day could step into the shoes of what is now being done by many foreign companies. The goal is for Guyanese companies to one day take over those roles.”

“Well, to that, you need capacity building, and for capacity building, you need several agencies performing that function… we need more professional development and just general business development in areas of finance, marketing, management, and more – all of what makes for the ecosystem of a successful business,” he emphasised. In fact, the New Hayven Merchant Bank, which was established in 2022, has been providing such developmental support for businesses in Guyana.

According to Haynes, the bank has raised financing in excess of US$100 million for the local economy across various sectors such as oil and gas, mining and construction. Unlike traditional commercial banks that provide loans, he explained that the merchant bank is more focused on investments. “[If] you’re a startup, a new business, or an existing business that ‘ s looking to grow and you need an infusion of capital, you come to us. Then we go out and we raise the money and we invest in your business. And we don’t only bring financing. We bring all kinds of financial expertise. So, it could come with financial advice. It could come with training. It could come with all sorts of things in addition to the funding, and we help you grow, expand and scale your business,” the Chairman noted. Haynes further pointed out that foreign companies continue to come to Guyana looking for local partners, and Guyanese-owned businesses must ensure they are investment-ready – something that is a major challenge for local firms.