By: Marvin Cato | HGP Nightly News |
Business development and innovation took centre stage at the 30th anniversary of GUYEXPO, where Minister within the Ministry of Tourism, Industry and Commerce, Susan Rodrigues, reaffirmed the government’s commitment to strengthening Guyana’s evolving entrepreneurial landscape.
Addressing exhibitors and attendees on Thursday evening, the Minister noted that Guyana’s rapid economic expansion is being mirrored in the rise of competitive businesses across the country.
“Across Guyana, we have seen small businesses grow into strong, competitive enterprises,” she said.
“Businesses that are not just surviving, but thriving in both local and global markets. That is the real story of Guyana’s economic growth — business booming, lives improving.”
Small & Medium Enterprise Development Bank on the Horizon
Minister Rodrigues emphasised that innovation and strategic investment will be the main catalysts for Guyana’s next phase of economic development.
She highlighted the government’s ongoing work to establish a Small and Medium Enterprise (SME) Development Bank, which will provide loans at 0% interest and significantly reduced collateral requirements — a long-awaited breakthrough for small businesses.
The President recently appointed an expert committee to design the bank’s operational model, including international benchmarking, legal frameworks, and financial structures needed for its rollout.
“We continue to invest heavily in small business development,” Rodrigues stated.
“The SME Development Bank will make access to finance easier and empower more entrepreneurs — especially new businesses — while encouraging banks to lend based on movable assets as collateral.”
Movable Assets Registry Operationalized
She reminded that President Ali had directed the operationalization of the Movable Assets Registry, which allows business owners to use equipment, vehicles, livestock, and other movable items as collateral — a major reform expected to unlock new lending opportunities.
Boosting Business Readiness and Capacity
Beyond financing, the Ministry is also strengthening SMEs through:
- Community business clinics
- Access to professional consultants
- Business operations coaching
- Partnerships with financial institutions
- Enhanced loan guarantee mechanisms
“Access to finance has been a longstanding challenge for small businesses — one which we have taken bold steps to remedy,” Rodrigues noted.
The Minister said GUYEXPO’s 30th anniversary is symbolic of Guyana’s transformation, as the country positions itself as a regional leader in entrepreneurship, innovation, and manufacturing.
