Guyana Bank for Trade and Industry Limited (GBTI), a commercial bank in Guyana, has launched the Women of Worth (WOW) program, which aims to help single mothers start small businesses. GBTI has committed GYD 500 million (USD 2.4 million) to help single mothers establish, expand or upgrade their small businesses. 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. Additionally, they have to be registered with the Ministry of Human Services and Social Security, who will administer the loans. Currently, approximately 30,000 single parents, mostly women, are on file at the Ministry of Human Services and Social Security, which offers services such as child abuse prevention and government pensions. Those who qualify for the program will be able to access up to GYD 250,000 (USD 1,200) without having to put up any collateral.
In 2009, GBTI reported GYD 53.9 billion (USD 264.9 million) in total assets, GYD 45.8 billion (USD 225.1 million) in total deposits and a return on average assets of 1.92 percent.
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 264.9 million) in total assets, GYD 45.8 billion (USD 225.1 million) in total deposits and a return on average assets of 1.92 percent.
Sources and Additional Resources:
Microfinance Africa: “Single-Mothers’ $500m Micro-loan Facility Launched in Guyana,” by Leonard Gildarie, June 5, 2010: http://microfinanceafrica.net/microfinance-around-the-world/single-mothers?-500m-micro-loan-facility-launched-in-guyana/
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
MICROCAPITAL BRIEF: International Finance Corporation (IFC), IBM and Republic Bank Launch Software Platform for Small and Medium-Sized Enterprises in Guyana, March 9, 2010: https://www.microcapital.org/microcapital-brief-international-finance-corporation-ifc-ibm-and-republic-bank-launch-software-platform-for-small-and-medium-sized-enterprises-in-guyana/
MICROFINANCE STORY: Small Business Development Finance Trust (SBDFT) of Guyana Provides Over 540 Microfinance Loans Equivalent to $711,046, July 9, 2010: https://www.microcapital.org/microfinance-story-small-business-development-finance-trust-sbdft-of-guyana-provides-over-540-microfinance-loans-equivalent-to-711046/
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