Single parent women who are interested in starting a small business can now access a micro-loan at the Guyana Bank for Trade and Industry (GBTI) with the launch of the Women of Worth (WOW) programme yesterday, which aims at financial empowerment.
The WOW programme is being executed through the Ministry of Human Services and Social Security. Only single parents registered with the ministry can access the small loan provided the other conditions are met. The programme targets women and if they are interested many can now access up to $250,000 without having to put up any collateral.
Some 30,000 single parents, mostly women, are on file at the Human Services Ministry. The estimated number of single parent households is said to be higher, but increasingly the numbers are pointing to female headed households; a reality which President Bharrat Jagdeo yesterday decried as the direct result of the men in this country who have failed to accept their duties as responsible parents.
The President, speaking at the launch of WOW before a capacity crowd of mostly women at the International Convention Centre, said women are left to bear the full responsibility of raising their children because the men leave. He said the fund recognizes the potential of single women who are willing to contribute to the country’s economy and was set up to provide them with practical options.
Jagdeo said the state has a duty to support the single mothers who are out there “fending for themselves and their children” everyday. However, he noted that a lack of adequate resources poses a serious challenge in fulfilling that duty, in addition to the growing demands from various groups across the country. But he declared that his government intends to start somewhere, noting the WOW programme represents a start for single mothers.
He said the country badly needs a generation which will grow up in households headed by both parents, emphasising that many women are now playing leading roles in their homes. He said too that men in the society need to recognise the important roles women play in and outside the homes. Referring to the novel, Half the Sky: Turning Oppression into Opportunity for Women Worldwide Jagdeo said it outlines a formula for women to succeed in a society and according to him, Guyana already has two of the three critical factors covered; empowering women with an education and keeping girls in schools.
The President expanded on the formula saying government now has to create an environment where women can thrive in business. This, he said, is what the WOW programme intends to do. He said empirical data exists to support the theories that women in this country are performing better than men in the classrooms and that they are also staying in school longer. “We now have the challenge of how to keep our boys in schools,” he stated.
Jagdeo said that through the WOW programme women will contribute to the economic chain in the country and he commended GBTI for agreeing to partner with the government for the initiative. He called on other commercial banks in the country to follow suit by allowing single parent women access to loans without them having to provide any collateral.
Human Services Minister Priya Manickchand hailed the programme as one which will generate income for many families. She said a strong focus had been placed on single parents within the past few years, beginning with the register and later uniform vouchers and just last year, a grant of $65,000 to support persons interested in starting a small business. She called the WOW programme the next phase in the government initiative saying it had been long promised.
Manickchand called the WOW programme a “life changing one” and she encouraged women to be part of it. She said that any information on the programme can be obtained from the ministry and or GBTI. She added that the programme has the power to dramatically change the future for many women and their children.
GBTI said it has already made arrangements to accommodate the influx of single parents who will visit the bank for the micro-loans and a special team has also been identified to assist persons who are part of the programme. The bank’s Corporate Secretary and Head of Credit Shaleeza Shaw said the bank was happy to be onboard since according to her, it recognises the growing number of single parent households here and globally, which are headed by women.
Shaw noted that single parents can access $100,000-$250,000 through the programme which will attract a six per cent interest rate per annum. She said the repayment period is two years; persons who are interested must be earning under $40,000 a month and should be between the ages 18 and 60 years.
Valarie Adams-Sharpe, speaking on behalf of single parent women, said many women in this country have always searched for an avenue to access funds and start a small business. She said this is now possible with the programme, noting “women had the will, but never the way”. According to her, the programme will allow women, particularly poor single mothers, to be actively engaged in the alleviation of their own poverty.
Adams-Sharpe said also that WOW will reduce the economic dependence many women have on the state, noting that the requests for public assistance will decline. She said too that the programme empowers women and encourages them to be more independent and assertive.
‘A better life’
Further, Kamlawattie Rampersaud, a single mother who benefited from a grant last year said she was able to start a business and live a better life because of the opportunity which was provided. Rampersaud expressed her gratitude to the ministry and the government for allowing her to realise her dreams; she is in the cosmetology business.
Alicia Kingston, 28, of Golden Grove is a single mother of one. She said that the initiative is a good one and sees herself benefitting greatly from it. She said it provides a great opportunity for her, since she did not get to write her CXC exams and the initiative will now enable her to acquire a trade and improve her standard of living. Last year, she graduated from the training programme in cosmetology and is working now to gain more experience in her field. The loan, which she intends to access, will enable her to buy equipment and supplies needed for her business.
Vera Henry of Yarrowkabra grew up in a single parent family and it was difficult for her. The woman, who has one child, recalled that she was forced to drop out of school to look after her siblings. She sees the programme as catering for single parents by providing them with opportunities to increase their earning and make life easier. She said that she will register for the training programme to undertake a course in nail design. However, her wish is to further her education. With access to the loan, she anticipated that with hard work she would be able to have a better life than her childhood.
Sandrine Fraser, 45, and a mother of four, said the project represents a way for single mothers to help themselves and their children. This is turn will be a boost to their self-esteem. Fraser, who dreams of opening her own catering business, said that she will pursue classes in catering.
Ahailia Ramsarran, 34, is a mother of two. She regrets not taking up the training offered by the ministry because she now sees the many opportunities which are now available with the launch of the micro-credit project. Ramsarran is of the view that many single parents will benefit from the project. She sees it as a way for women to maintain their families. At the earliest possible point, she plans to register for the programme since she did not expect that there would have been ways to finance her dreams.
Further, rather than depending on other persons, women now have the opportunity to stand on their own feet. Single parents now have a chance to help themselves and derive benefits which will last a lifetime, Ramsarran said. She added that once single parents are willing to seize the opportunity presented, they can elevate themselves and gain confidence in themselves. (Additional reporting by Candace Phillips)
