Executive Chairman advocates local development bank to further encourage entrepreneurship

Executive Chairman of the Institute for Private Enterprise Development (IPED) Dr Leslie Chin has told Stabroek Business that there is need for the creation of a development bank in Guyana to help stimulate entrepreneurial growth here.

Local small and medium-sized business enterprises have expressed frustration over what they say are the stringent conditions attached to borrowing from the commercial banking system. But according to Dr Chin commercial banks are not geared to meet the borrowing needs of emerging entrepreneurial enterprises. “Commercial banks have a responsibility to their savers and the law dictates that they secure the loans that they disburse,” Dr Chin said……