The Ministry of Human Services and Social Security in partnership with the Guyana Bank for Trade and Industry Ltd. (GBTI) today presented cheques and loan approval letters to 50 Women of Worth (WOW) recipients from Hampshire, Corentyne.
The programme is a single parent financial facility that aims at enhancing the livelihood of women single parents who are desirous of pursuing a small business venture to increase their economic self-sufficiency and enable them to lead a normal life.
Minister of Human Services and Social Security, Priya Manickchand is surrounded by the 50 WOW recipients who received cheques and loan approval letters.
Minister of Human Services and Social Security, Priya Manickchand stated 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. As such steps have been taken to ensure that their children aren’t left behind simply because they are not from a double parent home.
She noted that some persons choose to be single parents while others do not, this can occur due to various circumstances. In this regard, the Human Services Ministry will be commencing a campaign focusing on irresponsible fathers.
The Government has many programmes in place to assist single parents, such as the public assistance programme
Apart from this, Minister Manickchand emphasised that the Ministry wants to give women the tools that will enable them to take better care of themselves and children.
As such the Ministry partnered with GBTI in securing $500M to be expended to women allowing them to access money to advance their talents and business ventures since many of them do not have the collateral or assets to secure a loan on their own.
Minister of Human Services and Social Security, Priya Manickchand addresses WOW recipients at Hampshire, Corentyne.
To ensure that the women are not burdened when repaying their loans, a six percent low interest rate was established which was negotiated by the Government with private sector agencies.
Manickchand indicated her confidence that the recipients will use the funding appropriately in improving their lives.
She noted that Guyana cannot develop at a rapid pace if the grassroots are not allowed to contribute to economic development. With this in mind she challenged the women to make an example of themselves in their homes, communities and nation.
Regional Education Officer – Region Six, Shafiran Bhajan who represented Regional Chairman- Region Six Zulfikar Mustapha stated that the significant intervention by the Human Services Ministry and its financial partner GBTI is a practical demonstration of the Government’s commitment and concern for its citizens, especially the vulnerable.
This is in keeping with the national thrust which focuses on the poverty reduction strategy plan.
She noted that the social economic status of any society is determined by the standard of living of its people and the focus by the Ministry on vulnerable single mothers which outfits them with the financial capacity for viable self employment is a strategic directive for improving society.
Minister Manickchand presents a cheque to WOW recipient; also in photo is Regional Education Officer – Region Six, Shafiran Bhajan.
Senior Supervisor GBTI – 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 with expressions of interest being received for a diversified spectrum of activities ranging from garment construction and poultry rearing to garment and food retailing businesses.
Thus far 559 applications have been received of which 164 loans valued at $32M were approved and disbursed. The bank expects to disburse another 70 successful applications during the course of the next week.
He indicated that loan officers when interviewing applicants use the opportunity to mentor them on maximizing their loan proceeds to ensure success and sustainability of their small businesses and completing their business work plans.