The Guyana Development Bank should not be viewed as a threat to existing financing institutions but as an additional opportunity for entrepreneurs to access funding, the Institute of Private Enterprise Development (IPED) said.
IPED Business Development and Marketing Manager Robert Williams said the establishment of the planned zero-interest development bank would create more options for businesses while the organisation continues its personalised approach to helping entrepreneurs build sustainable enterprises.
“Competition always seems to bring out the best in and around the business sphere,” Williams said, encouraging entrepreneurs to take advantage of the financing opportunities available.
He was speaking at the World Trade Centre Georgetown Emancipation Celebration Mixer on Friday, held under the theme, “Breaking Barriers, Building Businesses: The Journey from Emancipation to Economic Empowerment.”
“I would encourage each one of you who are here, who have businesses, get yourself in line so that you can also benefit from the opportunity under the zero per cent bank,” Williams said.
He said IPED’s strength lies not in offering the lowest interest rates but in providing guidance and support to entrepreneurs throughout the business development process.
Williams explained that the institution helps clients refine business ideas, prepare business plans and provides mentorship even after financing has been approved.
“You don’t need a business plan to come to us. It’s a hand-holding process,” he said.
He added that IPED remains committed to supporting young entrepreneurs, particularly graduates of technical and vocational institutions who may struggle to secure loans from traditional banks despite having valuable skills.
Founded 40 years ago by the late Dr Yesu Persaud, IPED was established to provide financing to entrepreneurs who were unable to access traditional banking services.
Williams said the organisation has since grown from a single-employee operation into a nationwide institution serving more than 5,000 clients.
