ABOUT 1,118 persons have so far benefitted from the Guyana Bank for Trade and Industry (GBTI) and the Ministry of Human Services and Social Security, Women of Worth (WOW) loan programme, which offers single parent mothers the opportunity to strengthen their financial and social capacity.

This was disclosed Tuesday by Head of the Credit and Corporate Services Department of GBTI, Ms.Shaleeza Shaw, who told the Guyana Chronicle in a telephone interview that the bank has so far for this year given loans to over 30 persons.
According to Ms. Shaw, to date they have had over 83 repeat borrowers, the bulk being second time borrowers, and they are pleased that persons have been repaying their loans, which is a prerequisite for being a repeat borrower.
STARTUP OF SMALL BUSINESSES
She indicated that the bank granted over 60 loans last year, while noting that these women take loans to startup small businesses such as grocery shops, clothing stores, floral decorations, and beauty salons, and they have even had a ‘cool down’ cart beneficiary.
This WOW Loan programme was launched in June 2010, and is geared towards advancing micro financing to eligible single mothers, to provide a platform in assisting these persons in overcoming the challenges they face in raising their families.
It has a loan span from $100,000 to $250,000 at a minimal interest rate of 6 percent and a maximum repayment period of 24 months, and caters for applicants between the ages of 18 and 60 years, with an earning of up to $40,000 per month.
GBTI has committed a total sum of $500 million to the WOW programme, and in his presentation of the 2013 National Budget earlier this year, Finance Minister, Dr Ashni Singh had said that the WOW initiative would be reinvigorated this year.
In collaboration with private sector partners, he had said, training sessions would be delivered in areas such as basic entrepreneurship, networking, accounting, branding, promotion and advertising, and packaging; and this would target 200 beneficiaries.

***PULL QUOTE: Women of Worth (WOW) loan programme offers single parent mothers the opportunity to strengthen their financial and social capacity