Farmers and agro-processors are being encouraged to take advantage of small business loans specifically designed to suit their needs.
At the recent Farmers-to-Business Symposium held at Splashmins Resort, Cindy Sankar, Unit Lead of the Guyana Bank for Trade and Industry (GBTI) ‘Grow Unit’, shared insights on how they can expand their businesses through financing.
The bank had launched the ‘GBTI Grow Product’ at Mon Repos—an initiative tailored with this objective in mind.
Sankar acknowledged the challenges associated with accessing loans, which has long been a barrier for small business owners. In response, GBTI established a special unit catering to small businesses and entrepreneurs across sectors, offering unsecured lending of up to $1 million with equity requirements as low as zero per cent.
“To qualify for the $1 million unsecured loan, we look for an established business. Once we determine that the business has capacity, we conduct a site visit and assess the area,” Sankar explained. “The basic requirements include a valid ID card, TIN certificate, proof of address, and business registration.”
She further stated that while the bank typically requires income and expenditure statements, this is not mandatory for loans of $2 million and under. Instead, the bank can generate an internal statement, which applicants must sign. For loans above $2 million, a formal income and expenditure statement is required.
The initiative also caters to businesses operating for six months to a year. However, start-ups must provide a feasible backup plan.
“You have to convince us that the business you’re entering is viable. While we won’t know for sure, we’ll conduct a market analysis based on your proposal,” Sankar said. “Sometimes, people approach us with no clear idea, plan, or market strategy. In such cases, even for a $1 million loan, we need evidence that the business is already established—even if it’s only been operating for six months.”
In addition to the ‘GBTI Grow’ initiative, farmers and agro-processors also have access to commercial and retail loans.
The gathering at the symposium (Moses Williams photo)
