– Manickchand
MINISTER of Human Services and Social Security, Ms. Priya Manickchand, said yesterday that providing single parents with access to a micro-credit scheme is another People’s Progressive Party/Civic (PPP/C) 2006 elections manifesto be fulfilled. Addressing 250 beneficiary women, at Anna Regina on Essequibo Coast, where the scheme was replicated, she told them: “We want to give you the ability to access income, to be able to better yourself and to be self-dependent.”
Manickchand said the programme is intended to put tools in single parents’ hands so transformation of their lives can begin.
She said the project is targeting single parent women who are earning $40,000 or less per month but her ministry will be flexible about the amount of earnings and some other requirements, so persons can secure loans from Guyana Bank for Trade and Industry (GBTI).
However, Manickchand maintained that applicants must be women, single parents between the ages of 18 and 60 and registered as such.
She also informed the large gathering that no collateral would be needed for the transaction to borrow a minimum of $100,000 and maximum $250,000, to be repaid at an interest rate of six per cent per annum over a 24 months period.
Manickchand said those who apply will be given a grace period of six months before they are required to begin repaying.
According to her, the moratorium is to allow borrowers time to start their businesses.
She said the objective is to help thousands of single parents and others earn a better livelihood.
The revolving fund was formally inaugurated, through GBTI last month, with an initial $500M.
Chairman of Region Two (Pomeroon/Supenaam), Mr. Alli Baksh, who was at the Essequibo inauguration in front of Anna Regina Town Hall, acknowledged that the initiative will assist single parents to set up their own small businesses and become independent.
He encouraged potential beneficiaries to look at developing enterprises that can generate income for them.
Branch Manager of GBTI at Anna Regina, Mr. Mario Farinha, explained the process and requirements to get the loans.
Mrs. Juliet Coonjah, who chairs the Regional Women and Gender Affairs Committee of the Regional Democratic Council (RDC), said single parent women who tap into the Women of Worth (WOW) venture can elevate themselves.
“It will work wonders for them,” she posited.
Coonjah congratulated GBTI on being the first financial institution to take up the WOW challenge and thanked President Bharrat Jagdeo and his Cabinet for initiating the undertaking.
Present on the occasion, too, were Regional Vice-Chairman, Mr. Vishnu Samaroo and Member of Parliament (MP), Mr. Farouk Khan.
Staff of the Ministry of Human Services and Social Security and GBTI will be dealing with applicants today, as well. (Rajendra Prabhulall)