The Guyana Development Bank comes on stream today, offering small and medium-sized businesses loans of up to $3 million without collateral or interest charges.
The bank will provide financing to small and medium-sized enterprises across all 10 regions, according to a Ministry of Finance statement.

It will offer two types of loans. Quick Loans of less than $300,000 will require a simplified application process and reduced documentation, while loans ranging from $300,000 to $3 million will require additional documentation.

Applications can be made through the bank's online platform, which borrowers can also use to manage their loans and repayments. Approved loans will be deposited directly into borrowers' bank accounts, while repayments will be made through the banking and financial system.

Applicants can also request appointments with bank officers for face-to-face assistance, the ministry said.

The online platform is available at gdb.gov.gy, where applicants can apply for loans and submit supporting information.

The government said the initiative is intended to improve access to financing for small businesses while promoting financial and digital inclusion and literacy.