Description:
Identifying
impediments in the access to financial resources
as women’s main obstacle in developing
entrepreneurial activity, 181 (out of a
total of 198) BPW Cyprus members alongside
169 other women founded the Women’s
Cooperative Bank ‘Initiative’
Cyprus Ltd (WCB) in October 2000.
WCB
is the first Co-Op Bank created by women
in the world. It offers full-banking services
equally to men and women, and at the same
time has special programs supporting women
in business or otherwise.
The
350 women founding members put down £400
Cyprus pounds each, and raised an initial
capital of £140 000 Cyprus pounds.
The bank deposits today are over one million
two hundred thousand pounds and are being
used for loans with better terms than those
of other banks.
At
the moment the bank is operating only in
the town of Larnaka and in the very near
future will open a second branch in the
capital of Cyprus Nicosia.
It
occupies three fully paid employees, and
all the transactions are made by computer,
which is connected with the central co-op
bank of Cyprus.
The
seven board members which have been elected
at the first general assembly on 6th October
2000 represent all districts, are banking
experts, business owners and academics,
all offering their services free and on
a voluntary basis.
The
president and chief executive officer of
the WCB is Mrs Artemis Toumazi , who is
also presiding the Cyprus BPW federation.
The
other six board members are also BPW members.
It
is clear that WCB defers from any other
so called “women banks” because
it does not rely on donations but on deposits
and other income created by selling of insurance,
investments in government bonds etc.
It
is a pioneering step in the world of Banking
that will not only empower women economically
but will also create an example- a model-
to be followed .
We
strongly believe that many women not only
from Cyprus but from all over the world
will be encouraged to become actively involved
in the economies of their countries following
our footsteps.
Objectives:
1. |
To
enhance the creation and promotion
of women-owned businesses by providing
easy access to capital through short,
medium or long-term loans with low
interest rates and other flexible
terms. |
2. |
To cooperate with the government as
well as other institutions in Cyprus
and abroad in order to attract funds
and services in the framework of a number
of projects. These sources could be
utilized for the provision of more flexible
loan terms. |
3. |
To carry out
research on women-related issues.
The bank’s first project is
on entrepreneurial activities undertaken
by women in Cyprus. The bank is also
considering a second project focusing
on start-ups created by women.
(Already in progress in cooperation
with the Cyprus Government) |
4. |
To create a business incubator for
companies launched by women. |
5. |
To organize seminars
and workshops in order to support
and promote the economic advancement
of women-owned businesses. |
6. |
To promote our mail and female clients
interests on an equal basis. |
Results:
In regard to
objective 1:
168 loans ranging from 1000-5000 Cyprus
pounds were granted to women (who mostly
lacked the necessary collaterals) in order
to launch a venture or expand their enterprising
activity.
A total of six hundred seventy six thousand
Cy-pounds were given for the above loans.
When considering the
number of women who have benefited in the
framework of a certain project, the focus
should not be on absolute numbers. What
is perhaps even more important is the proportion
of women helped to the country’s total
population; otherwise, it would be almost
impossible for small countries to compete.
In regard to
objective 2:
As stated in the newspaper articles attached,
the Ministry of Trade, Industry and Tourism
has designed in collaboration with WCB and
BPW Cyprus a special program to enhance
women develop enterprising activity that
will be implemented as of April 2002.
Moreover, WCB has participated
in the Project ‘The Role of Women
in Economic Development: Dimension Equal
Opportunities Between Men and Women Within
the Euro-Mediterranean Partnership’,
a project sponsored by the European Commission
and the Belgian Government. Its next step
is the CIFRA project on microfinancing.
In regard to
objective 3/ 4:
WBC has already received subsidy from the
National Machinery for Women’s Rights
for a large-scaled research, which is currently
at its final stage, on Female Entrepreneurial
Activity in Cyprus with the objective to
identify
- The characteristics of women-owned
businesses
- Women entrepreneurs’ problems
and needs and
- Their demographic and socioeconomic
features
The ultimate purpose
is twofold. One the one hand, we intend
to use the findings of the research in order
to have a spherical understanding of women-owned
companies and to use this information to
attract and distribute capital - in coordination
with the government and other institutions
- according to the recorded needs.
On the other hand,
the findings will result in designing and
implementing along with the Ministry of
Commerce, Industry and Tourism as well as
other ministries special programs to enhance
female business ownership. What is more,
we would like to use these data in order
to convince European Union officials that
although Cyprus economy might be considered
thriving, women and men don’t have
the same opportunities to launch and sustain
an enterprise as well as benefit from it.
The women’s sector needs all the support
it can get to cover the deficit not only
in comparison with the men’s sector
in Cyprus, but also with those of women
in EU and US.
Initial statistics of WCB research have
shown that only 12% of the Cyprus business
belong to women in contrast to the EU average
of 28% and US 36%.
WCB is committed in persuading EU to create
special programs for countries in accession
in order to cover these deficits in the
women’s sector during their accession
process and not after they become full members
of the EU.
Moreover, the research
recommends the formation of a business incubator
and other measurements as means to strengthen
business development by women.
In regard
to objective 5:
A series of workshops/ seminars is currently
being designed for the second half of the
year.
Moreover, board representatives
have had numerous visits with all the cabinet
ministers, political party leaders, and
other professional bodies - as for example
the Chamber of Commerce and Industry -were
BPW and WCB president Artemis Toumazi was
appointed member of the Cyprus board, in
order to establish links and promote their
views on women-related issues.
Project Leader:
Artemis Toumazi (President)
Tel no.00357 24-818000
Fax no.00357 24-818003
e-mail : womens.coop.bank@cytanet.com.cy
Young BPW
participation:
36 young BPW were founding
members, two were board members (Lina Nearchou-Ellinas
and Aristi Hadjisavva) and one conducts
the research on Female Entrepreneurial Activity
in Cyprus.
Evidence:
- References in the
press
- Bank brochures
- Photos
Last update: year 2002 |
