With the much-anticipated Guyana Development Bank coming on stream soon, businessman and private sector executive Timothy Tucker is urging budding entrepreneurs to ensure their business affairs are in order to improve their chances of accessing loans.
Speaking on a local podcast, Tucker explained the instrumental role the Development Bank will play in boosting local enterprise, but underscored the need for citizens to familiarise themselves with the correct preparation of business proposals and to ensure the proper documentation of their businesses.
“This is a great opportunity for businesses to really go out there and get the money that they need, budding entrepreneurs, micro businesses and small businesses, but they are gonna require you to have your house in order, because you can go to a development bank for a business and you don’t really have a business,” he said.
Tucker explained that citizens will need to register their businesses and ensure their taxes are in order, among other requirements, adding that several local entities are available to aid citizens with developing their startups, preparing business proposals and providing relevant advice about the sector.
He noted that for persons who own small and medium-sized businesses, the Private Sector Commission has a business support desk that is partly funded by the Inter-American Development Bank.
He said the support desk is there to help persons get those bankable proposals, while the Small Business Bureau does the same, including assistance to access commercial loans.
The Guyana Development Bank is nearing its official launch, with legislative processing now under way in the National Assembly. Capitalised with an initial fund of over US$200 million, the institution will provide entrepreneurs access to collateral-free financing of up to $3 million at 0 per cent.
