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Buxtonians to benefit from W.O.W loan scheme

Sep 14, 2010 News

Forty single-parent women were approved loans, after representatives of the Women of Worth (W.O.W) single parent loan facility, visited Buxton, East Coast Demerara last week.
The Guyana Bank for Trade and Industry (GBTI) is the financial institution supporting the Ministry of Human Services and Social Security in executing the programme, which was launched on June 4, 2010.
The W.O.W institution has allotted a sum of $500M to assist single parents with financing, establishing and expanding small businesses.
Loans, ranging from $100,000 to $250,000 with an interest rate of six percent per annum will be given a maximum repayment period of 24 months.
The applicant must be registered with the Ministry’s Single Parent Registry and must be between the age of 18 and 60 years, earning a basic salary less than $40,000 per month.
In 2008, the Human Services Ministry began the process of registering single parents on a national register and subsequently the Single Parent Assistance Plan facilitated the training of 365 single parents in areas of cosmetology, information technology repairs, child care and care for the elderly and garment construction.
Training was provided by the Board of Industrial Training under the supervision of Labour Minister Manzoor Nadir.
A total of 362 of those trained single parents received presidential grants in the form of vouchers of $65,000 to inaugurate their small businesses.
Since this programme was launched, the service has been extended to Regions Six and Ten, where several single parents were able to utilise the resources provided, when the Fiscal Enactment (Amendment) Bill was passed amending the Income Tax Act and the Corporation Tax Act June last.
The Act gave effect to a waiver of tax on income of a designated small business lending company derived from loans provided to a small business in a manner specified by agreement.

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