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… Movement on credit reporting bureau makes it a possibilityFrom 2005 to 2010, the amount of credit accessed in the private sector annually has more than doubled from $52B to $112B.The increase was announced several weeks ago by Minister of Finance Dr. Ashni Singh during a speaking engagement. The occasion was the Eighth Annual General Meeting of the Small Business Development Finance (SBDF) Trust.Dr. Singh was at the time expounding on the roles of non-traditional financial institutions such as the SBDF Trust in fueling economic growth. He stressed the fact that the client base of these institutions tended to form the foundation of the manufacturing or service provision sectors at the micro- and small scale levels. Yet many of these entrepreneurs do not qualify for credit through the traditional channels as a result of their lack of constant income and significant asset base.According to the Minister, the days of being barred from accessing the necessary credit may soon be over. He spoke of several pieces of fiscal legislation that have recently been passed in the National Assembly in an effort to ensure stability,Wholesale Authentic China Jerseys, security and greater transparency in the economy.Particular attention, however,Cheap NFL Jerseys China, was paid to the Credit Bureau Act of 2010. The Act calls for the creation of a credit reporting industry in Guyana through the Credit Bureau mechanism.Speaking at the time the legislation had been enacted, the Minister emphasised that the sharing of credit information will be done whilst ensuring that the rights of the borrowers are protected at all times. The legislation was drafted with the help of bankers and other relevant stakeholders versed in the modalities of establishing such a bureau.In fact, the Minister revealed that the Bank of Guyana is currently in the process of crafting the regulations and procedures for such agencies. The intention being that these Credit Reporting Bureaus will help to build credit profiles for all Guyanese, allowing even those who do not think it possible for them to access credit to do so.The Minister pointed out that the Bureaus will not only track traditional credit information such as account histories and loan information but will also look at the non-traditional avenues that may still yield information as to whether a person is creditworthy or not.The criteria will consider if a person pays their utility bills on time without fail for years on end, the regularity of payments made on hire purchases,Cheap MLB Jerseys, and repayments on micro-loans to agencies such as the SBDF Trust. These and more will be considered in the evaluation of the credit profiles of Guyanese,Nike NFL Jerseys China, which will then in turn be used to determine their chances of obtaining a loan to build their home or perhaps to open a new business.The increase in credit that the Minister highlighted is apparently continuing,Wholesale Authentic NFL Jerseys, considering that in 2010 Loans and Advances to the private sector grew by 19.0 percent as compared to 5.7 percent in 2009 (this from the Bank of Guyana Annual Report for 2010) and for the first quarter of 2011, the Bank of Guyana’s Quarterly reports indicate that credit to the private sector has expanded by 2.6 percent.The growth is reported to be concentrated in the agriculture, manufacturing, real estate distribution and other services categories. The increases by sector are agriculture – 14.0 percent, manufacturing sector – 6.5 percent. Real estate,Jerseys NFL Wholesale, distribution and other services each grew by 4.9, 3.5 and 2.9 percent respectively.Dr. Singh also spoke of another programme that is making credit available for persons at a disadvantage under traditional financial evaluations – the $500M Women of Worth (WOW) Programme launched last year as part of a joint effort between the Government and the Guyana Bank for Trade Industry and Commerce (GBTI).The Finance Minister noted that so far the programme has loaned the sum of $190M to 966 persons. He pointed out that looking at the programme outcomes at the macro level may dwarf the enormity of the success story that is the programme.He cited the case of the single mother who borrowed $250,000 to start a play school – she used the funds to cover her set-up costs and in the last 12 months has expanded her customer base to 16 children, which means that now 16 more mothers are free to go out and work, thus creating an outward ripple of positive growth.