The Guyana Bank for Trade and Industry (GBTI) yesterday launched an initiative aimed at providing short-term capital solutions, allowing businesses to receive up to 80% of the value of their invoices immediately instead of waiting for payment from contractors.
Invoice financing is a way for businesses to borrow money against unpaid invoices to maintain cash flow. The new service by GBTI was launched at its corporate office on High Street, Kingston, Georgetown, and is exclusively for the oil and gas industry. The service targets suppliers with a proven track record in the industry and those with validated invoices from Esso Exploration and Production Guyana Limited (EEPGL) or prime contractors.
The process requires the submission of a validated invoice from the contractor, followed by approval and verification, after which funds are disbursed and later repaid.
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