Single parents continue to secure loans under microcredit scheme

Dec 15, 2017 News

A few years after it was launched the Women of Worth; (WOW) Initiative was described as very successful especially among single mothers.
The programme which was designed to help single parents access up to $250,000 without having to put up any collateral continues to provide employment opportunities for such persons.
In its first year some 30,000 single parents, mostly women, registered with the Ministry of Social Protection interested in starting a small business and were able to access micro-loan at the Guyana Bank for Trade and Industry (GBTI). The programme was launched in June 2010.
Since then numerous small business and ventures have been created for single mothers to earn a living.
Giving an update on the programme recently, Public Relations Officer (PRO) attached to the Ministry of Social Protection, Jasmine Harris, explained that WOW programme is still very active. She said that single parents, particularly those who are interested in starting a small business, can still access a micro-loan through financial empowerment programme via the Social Protection Ministry.
In fact this year, the PRO said that approximately twenty loans have been approved for single parents.
Those registered with the ministry can access the small loans provided the other conditions are met.
The WOW project was set to empower women to seize the opportunity to control their own economic future.
Last year the microcredit scheme expanded to reach to the hinterland regions.
The Ministry of Social Protection had announced that it had restructured the microcredit initiative, by injecting $40M to allow single parent women to access loans for start-up businesses.
The Government had promised that mechanisms would be put in place through additional staff and there would be an ongoing monitoring and evaluation system to ensure that these projects are properly managed and the loans are serviced.
In addition to the WOW project, the Ministry had planned to rollout a new credit line, the People of Worth Entrepreneurial Resources (POWER) project, to allow for both men and women to access loans.

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