In a move aimed at bridging the financing gap faced by small businesses in Guyana, a Business Support Desk—conceptualised by the Inter-American Development Bank (IDB) and facilitated by the Private Sector Commission (PSC)—was unveiled on Thursday.Jared Kissoon, an IDB consultant, explained that the support desk was developed in response to persistent concerns from the private sector, especially small and medium enterprises (SMEs), about the difficulty in accessing finance needed to grow their businesses.“In response to the outcry from the private sector, particularly small businesses with regards to inability to access finance in Guyana, to grow their businesses, the Inter-American Development Bank did a study and in consultation with both small businesses, large businesses and lenders. What we found is that there is a disconnect,” Kissoon said.Jared Kissoon, an IDB consultantHe explained that while small businesses report that finance is hard to access, lenders often claim that these businesses are not ‘bankable,’ too high-risk, or simply not ready for investment.To address this gap, the Business Support Desk has been designed as a platform to empower Guyanese businesses, specifically those operating outside of the oil and gas sector.The support desk aims to provide tailored capacity-building services, facilitate strategic partnerships, and offer innovative market solutions.Kissoon revealed that this will be done through direct engagement and collaboration with financial institutions, business service providers, and private sector partners such as the Georgetown Chamber of Commerce and Industry (GCCI), Guyana Manufacturing and Services Association (GMSA), and the Tourism and Hospitality Association of Guyana (THAG).The initiative seeks to strengthen access to finance, promote sustainable growth across non-extractive industries, and support the development of a resilient and diversified Guyanese economy.“Our unique value proposition is creating linkages, not duplication,” Kissoon said.He further highlighted that a website is also in development where an ecosystem will be built that connects small businesses with service providers and lenders, all in one space.“So everyone can have access to everyone else, everyone can see what minimum baseline requirements are for lending and lenders can also start to reach out to small businesses that have been shortlisted by us what we would be deemed ready to be finance,” Kissoon said.Among its core objectives, the Business Support Desk will: strengthen business readiness to access commercial financing; implement risk mitigation strategies to address concerns from lenders; and build business capacity to develop viable financial proposals.To ensure continued support, the desk will also host annual capacity-building workshops, quarterly networking events to connect businesses with lenders and investors, and offer in-house services such as personalised business plan development and advisory services.Fifty small businesses are expected to benefit directly from the programme in its initial phase.Meanwhile, Kissoon said while many opportunities exist for SMEs to access finance, these businesses must first get themselves ready—a gap that the IDB hopes to close through the Business Support Desk.The post New IDB Support Desk launched to boost financing access for small businesses appeared first on News Room Guyana.