The long-awaited Guyana Development Bank will come on stream on October 5 with an initial capital base of US$100 million, opening the door for entrepreneurs to access up to $3 million in financing without interest or collateral.
President Dr. Irfaan Ali confirmed the imminent rollout during a press conference on Monday, saying the new institution forms part of the Government’s wider strategy to expand access to financing and stimulate business creation across the country.
Ali said the financing facility will become operational in October and pointed to October 5 as the “great day” for its commencement, referencing the date on which democratic government was restored in Guyana in 1992.
October 5 marks the anniversary of the 1992 elections widely regarded as Guyana’s return to free and fair democratic elections after 28 years.
The President said the Guyana Development Bank will be capitalised with US$100 million as part of a broader package of measures aimed at expanding economic participation and supporting productive activity.
Under the flagship programme, eligible small and medium-sized enterprises, young entrepreneurs, women and persons living with disabilities will be able to access micro-credit financing of up to G$3 million at zero interest and without having to provide collateral.
The US$100 million injection was provided for in Budget 2026, which also outlined plans for borrowers to receive mentorship and training alongside financing.
The initiative is intended to address one of the most persistent challenges facing small businesses in Guyana: access to affordable capital, particularly for entrepreneurs who may have viable ideas but lack property or other assets typically demanded by commercial banks.
The Government has also established a co-financing model through which qualifying entrepreneurs may be able to access an additional $7 million from participating commercial banks at preferential interest rates. That could give some businesses access to total financing of up to $10 million.
The Development Bank has moved through several stages over the past year.
The Guyana Development Bank Bill was tabled in the National Assembly on June 5 and passed on July 27. President Ali subsequently assented to the legislation on July 30, creating the legal framework for the new state-owned financial institution.
The legislation empowers the bank to provide financing to small and medium-sized enterprises and to offer technical assistance, training, advisory services and business mentorship.
Ahead of the rollout, the Government has already been encouraging prospective borrowers to prepare business plans and formalise their operations.
Officials have previously said applicants will need a business idea or plan, valid identification and proof of business registration or a willingness to register. Entrepreneurs will also be expected to satisfy Guyana Revenue Authority and National Insurance Scheme requirements, with assistance available to help applicants become compliant.
Registration activities have also begun in some communities. In August, farmers in Tuschen and surrounding Region Three communities started registering for financing through the new institution.
