The Women of Worth (WOW), a microcredit scheme that aims to help single mothers start small businesses in Guyana, has now expanded to the region of Essequibo. As reported by MicroCapital at the time, WOW was launched in June by the Guyana Bank for Trade and Industry Limited (GBTI), a commercial bank. No geographic limitation on the program was announced at that time. In order to be eligible for the program, single mothers must be between 18 and 60 years and earn less than GYD 40,000 (USD 195) per month. According to Anna Regina, the deputy minister of human services and social security, approximately 3,000 have applied since the launch of the program. Those who qualify for the program are able to access up to GYD 250,000 (USD 1,200) without having to put up collateral. A grace period of three to six months is offered before the first payment is due.
By Conner Brannen, Research Assistant
About Guyana Bank for Trade and Industry Limited (GBTI):
Guyana Bank for Trade and Industry Limited (GBTI) became a public company in 1991. In 1994 the government sold its remaining 30 percent shareholding to Secure International Finance Co. Limited, making that company the majority shareholder of the bank with 61 percent of issued shares.
In 2009, GBTI reported GYD 53.9 billion (USD 265 million) in total assets, GYD 45.8 billion (USD 225 million) in total deposits and a return on average assets of 1.92 percent.
Sources and Additional Resources:
Stabroek News: “WOW Initiative taken to Essequibo,” July 23, 2010: http://www.stabroeknews.com/2010/stories/07/23/wow-initiative-taken-to-essequibo/
MICROCAPITAL BRIEF: Guyana Bank for Trade and Industry Limited (GBTI) Launches Women of Worth (WOW) Program to Help Single Mothers Access Microloans, June 11, 2010: https://www.microcapital.org/microcapital-brief-guyana-bank-for-trade-and-industry-limited-gbti-launches-women-of-worth-wow-program-to-help-single-mothers-access-microloans/
MicroCapital Universe Profile: Guyana Bank for Trade and Industry Ltd. (GBTI): https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Guyana+Bank+for+Trade+and+Industry+Ltd.+%28GBTI%29
Browse the MicroCapital Universe and add your entry to the wiki https://www.microcapital.org/microfinanceuniverse/
Similar Posts:
- MICROCAPITAL BRIEF: Annapurna of India Borrows $10m from MicroVest to Expand Microfinance for Rural Women
- SPECIAL REPORT: Increasing Financial Access for Women with Better Data, Mentoring, Staff Training, “Gender-smart” Audits
- MICROCAPITAL BRIEF: Abler Nordic Sells Equity Stake in Microfinance Institution Baobab Senegal, Retains Holding in Parent Company
- MICROCAPITAL BRIEF: Credit Bank, FSD Kenya Engaging SACCOs in Effort to Reduce Remittance Costs for Rural Kenyans
- MICROCAPITAL BRIEF: Soleco, Deetken, IDB Deliver “Women in Solar” Training in Jamaica
