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Woman of Worth

Dec 19, 2011 News

 

 

– over 2000 beneficiaries

Over 2000 single parent females are currently benefitting from a five year microcredit programme, 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 programme is to remove the obstacles single parent women face in society, and to enhance their self esteem, empower them to take advantage of the economic opportunities around them and increase their participation in society.
The programme 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 June 7, 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 managed and sustained successful business ventures.
To finance the project the bank has provided G$500 M and the Government of Guyana will provide G$50 M per annum.
The WOW programme allows persons to borrow between $100,000- $250,000. The interest rate applicable to the loan is 6 percent per annum, not exceeding twenty- four months. To be eligible, female single parents must fall within the age range of 18-60.
All recipients 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, many women opened small businesses such as salons, catering services, and farming.
A source noted that if the due date passed and the required installment is not paid, no penalty will be enforced but instead professionals will intervene and try to assist the persons facing the difficulties.
This publication understands 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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