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Woman of Worth…Over 2000 benefitting from microcredit programme

Dec 16, 2011 News

 

 

 

Over 2000 single parent females are currently benefitting from a five year microcredit program, Woman of worth (WOW), founded by the Ministry of Human Service and Social Security in collaboration with the Guyana Bank for Trade and Industry Ltd (GBTI).
The main purpose of the WOW program is to remove the obstacles single parent women face in society, enhance their self esteem, empower them to take advantage of the economic opportunities around them and increase their participation in society.
The program also aims to improve the socioeconomic status of women in Guyana, promote their active participation and integrity in national development and contribute towards poverty reduction.
WOW was established on the 7th June, 2010 and will go up to the 7th June, 2015.
The ultimate goal of the five year project is to provide intervention and financial support to ensure that recipients of the WOW project manage and sustain successful business ventures.
To finance the project, the bank has provided G$500 million dollars and the Government of Guyana will provide G$50 million dollar per annum.
The WOW program allows persons to borrow between $100,000- $250,000. The interest rate applicable to the loan not exceeding 24 months is six percent per annum. To be eligible, female single parents must fall within the age range of 18-60.
All recipients of the project must have a minimum level of training in the proposed area of business; in addition, they must not be earning more than $40,000 per month.
According to officials, women across Guyana turned out in their numbers to borrow money to start their business, such as opening salons, providing catering services and farming among other things.
A source noted that if the due date pass and the required installment is not paid, no penalty will be enforce but instead professionals will intervene and try to assist the persons facing the difficulties.
This publication was made to understand that the bank is considering expanding the life-span of the WOW programme and intends to work with the women to have bigger and brighter future.

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