Getting a small loan could now be much easier, with the newly opened Guyana Development Bank offering quick loans of up to $300,000 through a simplified application process.
The bank became fully operational on Monday, targeting individuals and small businesses, including women, youths, farmers and persons with disabilities.
Once approved, the Ministry of Finance says the money will be deposited directly into the borrower’s bank account, while repayments will also be handled through the banking system.
But President Irfaan Ali is reminding applicants that the money is a loan, not a grant.
He urged borrowers to approach the opportunity with discipline, hard work and proper financial management.
Beyond financing, the Development Bank will also provide mentorship, entrepreneurship training and other business support.
President Ali says building a strong credit history through the programme could also open the door to bigger financing opportunities in the future.
