THE microcredit scheme designed to help thousands of single-parents and others better earn a livelihood has been introduced in Region Six (East Berbice/Corentyne).
The revolving scheme was formally launched last month with an initial $500M through the Guyana Bank for Trade and Industry (GBTI) and Head of the Presidential Secretariat, Dr. Roger Luncheon, said it could eventually have as much as between $2B and $3B for loans.
Hundreds of women turned out Saturday when the services of the Women of Worth (WOW) micro credit scheme were introduced to Region Six by a team from the Human Services Ministry and GBTI, led by Human Services Minister, Ms. Priya Manickchand.
The minister told the gathering at the Cheddi Jagan Civic Centre, Hampshire, that the government is keen on looking after the vulnerable sections through financial support and they should grasp the opportunity to access the loan scheme.
Introducing the bill establishing the scheme in the National Assembly last month, Manickchand explained that the criteria to benefit are that applicants must be women, single parents, between the ages of 18 and 60, earning under $40,000, and must be registered on the single parents register.
She said too that the applicants must have a skill or expertise in the field in which they wish to begin their business. No collateral would be needed.
Further, a minimum of $100,000 and a maximum of $250,000 will be issued at a repayment rate of 6% per annum. The loan must be repaid over a 24-month period, she said.
At the Saturday ceremony, she told the women: “We want to give you the ability to access income to be able to better your lives; the ability to look after yourself and to be self-dependent…(and) we are putting the tools into your hands.”
She noted that the biggest problem facing persons, especially single parents, when seeking a loan is producing the collateral for banks and said the WOW is to help women get a better life for their children.
Noting the government’s many moves to ensure a better life for children, Manickchand referred to bills passed in the National Assembly to ensure that they are safeguarded from all forms of abuse.
The Government Information Agency (GINA) said she, however, pointed out that two bills are pending in Parliament but assured that these will be passed before the end of this year.
And the building for a family court has been completed but the staff complement and the laws governing the courts have to be initiated, the minister said, adding that the laws governing the court are under the jurisdiction of the Judiciary.
Regional Chairman, Mr. Zulfikar Mustapha, said the WOW initiative is testimony to the administration’s commitment to bettering the lives of Guyanese.
GBTI Branch Manager, Mr. Naresh Balkaran, said that the bank, through its network countrywide, has been fostering partnership with corporate businesses, schools, NGOs and social groups to ensure that economic activities in the country continue to thrive and noted that such an initiative is no exception.