Fifty more Women of Worth (WOW) recipients received cheques from the Ministry of Human Services and Social Security and the Guyana Bank for Trade and Industry (GBTI) to pursue their economic ventures.
Minister of Human Services and Social Security Priya Manickchand told the Hampshire, Corentyne recipients that government recognises women’s worth and wants to make sure that they are not limited by restrictions that are placed on single parent homes.
According to a Government Information Agency press release Manickchand also noted that while some women choose to be single parents many are single parents due to adverse circumstances. As such, the ministry will be starting a campaign focusing on irresponsible fathers. She also noted that the ministry has other programmes in place to assist single parents and in addition, it wants to equip women with the tools that would enable them to take better care of themselves and children.
As such the ministry partnered with GBTI to secure $500M to empower women with access money to advance their talents and business ventures since many of them do not have collateral or assets to secure a loan on their own. Government also negotiated a six per cent low interest rate to ensure that the women are not burdened when repaying their loans.
Manickchand said she was confident that the recipients will use the funding to improve their lives. She noted that Guyana cannot develop at a rapid pace if grassroots persons are not allowed to contribute to the economy. With this in mind she challenged the women to be an example in their homes, communities and the nation.
Region Six Education Officer Shafiran Bhajan who represented Regional Chairman Zulfikar Mustapha said that the collaboration between the ministry and GBTI is a practical demonstration of the government’s commitment and concern for its citizens, particularly those who are vulnerable. This is also in keeping with the national thrust to reduce poverty. Bhajan noted that the social economic status of any society is determined by the standard of living of its people and the ministry’s focus on vulnerable single mothers and aim to equip them with the financial capacity to become self-sufficient is a strategic directive for improving society.
GBTI Senior Supervisor Corriverton Branch, Andre Yhap noted that since the launch of the WOW single parent facility on June 4, the response to the loan product has been overwhelming. He noted that the bank has seen expressions of interest for a diversified spectrum of activities ranging from garment construction and poultry rearing to garment and food retailing businesses.
To date, the bank has received 559 applications and 164 loans valued $32M have been approved and disbursed. GBTI expects to disburse another 70 successful applications within the next week. Yhap said too when interviewing applicants loan officers use the opportunity to mentor them on maximizing their loan proceeds and completing their business work plans to ensure the success and sustainability of their small businesses.
