Guyana Development Bank Opens With US$100 Million to Fund Small Businesses

Guyana has named a seven-member board for the new Development Bank, which will distribute $20 billion in zero-interest, zero-collateral loans. Opposition figures Terrence Campbell and Azruddin Mohamed say the board is too close to government and lacks enough banking, credit-risk and rural finance expertise to safely manage the funds.

Guyana has launched its Development Bank online, offering interest-free loans from $50,000 to $10 million to help small and medium-sized businesses start, sustain or expand. Applicants can apply by phone or in person, with larger loans needing extra documents, and loans will be paid into bank accounts after review. The launch comes amid concerns over weak legal safeguards against corrupt loan approvals.

Guyana has launched its new Development Bank, backed by an initial $20 billion, to give small businesses and entrepreneurs easier access to financing without traditional collateral requirements. Finance Minister Ashni Singh said the bank is meant to expand business creation and growth across the country, especially in the non-oil economy, while ministers urged applicants to use its online portal.

The Georgetown Chamber of Commerce and Industry has welcomed the opening of the Guyana Development Bank on October 5, saying it will give entrepreneurs and small businesses new access to affordable financing. The chamber says the bank could strengthen Guyana’s business ecosystem and help local firms compete as the economy expands.

Guyana’s state-backed Development Bank begins operations today with US$100 million in capital, offering loans of up to G$3 million to individuals and small businesses at zero interest and without collateral. The government says the bank will target young people, women and vulnerable groups, while also providing mentorship and business support to help borrowers grow and later access commercial financing.

Guyana’s private sector has welcomed the launch of the US$100 million Guyana Development Bank, which will offer zero-interest loans of up to $3 million without collateral, plus mentorship and technical support for SMEs. Business groups say the bank could expand access to finance, boost entrepreneurship, and help local firms grow, compete, and create jobs.

Guyana Development Bank has opened with US$100 million in capital, offering zero-interest, no-collateral loans of up to G$3 million to individuals and small businesses. The government says it will widen access to finance for groups like young entrepreneurs, women and farmers, while critics are watching closely for transparent governance and fair access to public funds.

This opinion column welcomes the launch of the Guyana Development Bank on October 5, which will offer zero-interest loans of up to G$3 million to entrepreneurs, but urges strong oversight. It says government must publish the bank’s leadership, lending rules and performance data to ensure public funds reach women, youth, hinterland communities and other underserved groups.