By Tiana Cole | HGP Nightly News |
With Guyana’s Small and Medium-Sized Enterprise (SME) Development Bank expected to become operational later this year, local entrepreneurs are being urged to put their financial and operational houses in order to take full advantage of the new financing opportunities.
President of the Georgetown Chamber of Commerce and Industry, Katy Smith, made the call during a recent interview, describing the forthcoming bank as a potential game-changer for small and medium-sized businesses—provided they are properly prepared.
Smith cautioned that access to financing will depend heavily on traceability, transparency, and sound business practices. She noted that financial institutions are more inclined to partner with enterprises that maintain proper records and can demonstrate accountability.
According to Smith, many small businesses struggle because they lack basic systems such as standard operating procedures, proper invoicing and quotation mechanisms, and dedicated business bank accounts. She stressed that business owners must clearly separate personal finances from company finances to grow sustainably.
“The company’s money is not your money,” Smith explained, adding that reinvestment and expansion are only possible when business funds are managed responsibly and transparently.
She further emphasized that trustworthiness is a critical factor in securing financing, as banks and investors must have confidence in those seeking funding. As a result, small businesses are being encouraged to become more structured and disciplined in their operations.
Smith also addressed the issue of underpricing, warning that many entrepreneurs undervalue their services out of fear of losing customers. She advised business owners to price their products and services based on the true cost of their time, skills, and investment, rather than selling themselves short.
In addition, the GCCI president cautioned against the growing “hustle mentality,” which she said often leads to burnout without meaningful financial returns. Instead, she encouraged entrepreneurs to focus on their core competencies before attempting to diversify.
“Stay in your lane,” Smith advised, noting that expansion should come only after a business has achieved stability and financial comfort in its primary area of operation.
As the SME Development Bank prepares to come on stream, Smith’s message is clear: preparedness, structure, and discipline will determine which businesses are able to benefit from the new wave of financing aimed at strengthening Guyana’s private sector.
