Home> Activities> Project> Women's Cooperative Bank   Project: Creation of the Women's Cooperative Bank "Initiative" Cyprus Ltd.   By: BPW Cyprus Country: Cyprus Categories: Economy Duration: October 2000 – Present     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. The Women’s Cooperative Bank (WCB) is the first Co-Op Bank created financed and operated 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 financed £400 Cyprus pounds each, and raised an initial capital of £140 000 Cyprus pounds. The bank deposits today are over three million two hundred thousand pounds (USD 6,500.000) and are being used for loans with better terms than those of other banks. Especially to women starting up a new business the interest of rate is only 0.5% above the market basic rate and if needed with a years grace period. At the moment the bank is operating its headquarters in the town of Larnaka and opened a second branch in the capital of Cyprus, Nicosia. It has eight full-time 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 general assembly 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 and all kind of loans like corporate, housing, student, current account, loans 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. This is our vision!! Objectives: 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. 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. 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 and there initial capital created by women. (Already in progress in cooperation with the Cyprus Government the Commissionaire of Coops and the European Investment Bank). To create a business incubator for companies launched by women. To organize seminars and workshops in order to support and promote the economic advancement of women. To promote our male and female clients interests on an equal basis. Results: WCB has given until 30/11/2004 over 470 loans most of them ranging from £4000-£10000 Cyprus pounds. These were granted to women, who mostly lacked the necessary collaterals in order to launch a venture or expand their enterprising activity. A total of two million seven hundred CY. Pounds were given for the above loans. In the above new businesses a total number of one thousand seventy two women are newly employed. The Ministry of Trade, Industry and Tourism has designed after the suggestion and in collaboration with WCB and BPW Cyprus a special program to enhance women develop enterprising activity. Details included in our web page www.womenscoopbank.com.cy 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 a project on micro financing to celebrate 2005 which is announced by the United Nations as the "Year of Micro-Financing". In 2003, BPW was invited to participate in the program "Women in Business and Decision-Making" in order to transfer the knowledge of the creation and operation of WCB to selected European Chambers. This transfer will increase awareness to more than eight thousand members of Chambers throughout Europe. It will be concluded in February 2005. WBC has already received subsidy from the National Machinery for Women’s Rights for a large-scaled research, which is already concluded, on Female Entrepreneurial Activity in Cyprus. Results included in our web page www.womenscoopbank.com.cy The ultimate purpose is twofold. On 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. 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 43%. A series of workshops/ seminars on Women’s Economic Empowerment were offered to the members during the last 2 years and President Artemis Toumazi has been asked to give lectures abroad on the subject as WCB’s operation was considered the best practice throughout Europe. Unece in Geneva, European Chambers-Congress in Vienna, Greek Presidency Congress, Congress of Small Nations, BPW European Conference in Rome, etc. Moreover, the board of WCB representatives 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. Mrs. Toumazi was awarded on the 20th of December 2004 the greatest prize of the Cyprus Chamber of Commerce "The excellent award" for the innovative idea to create and operate WCB and for her efforts to promote the idea in Europe Project Leader: Artemis Toumazi (President) Young BPW participation: The contribution of BPW is highly appreciated at the WCB. Thirty six founding members were at the time of the foundation or still are today BPW’s. YBPW are even represented in the board. Two of the seven board members - Lina Nearchou-Ellinas and Aristi Hadjisavva are BPW members. The first bank’s project, a research on Female Entrepreneurial Activity in Cyprus was assigned to a BPW. Evidence Web page WCB www.womenscoopbank.com.cy United Nations Economic Commission for Europe UNECE report on Entrepreneurship and SMEs 2004 www.unece.org/ie/enterp/women/program.htm Vienna XII Congress of Eurochambers www.eurochambres.be/congress Cyprus Chamber of Commerce www.ccci.org.cy and www.eiccyprus.com.cy/main/main.asp Cyprus Government Report to the Commonwealth Cyprus National Report on The Role of Women in Economic Development Cyprus National Report on the Implementation of the Beijing Platform for Action ‘Business Creation and Microfinance for Women in Cyprus’ presented at the ‘Shifting Gears in Women’s Enterprise’, Durham 10-12 Sept. 2001 (abstract) References in the press Bank brochures Photos Contact: Artemis Toumazi (President) Tel no.00357 24-818000 Fax no.00357 24-818003 E-mail: womens.coop.bank@cytanet.com.cy Last update: year 2005         Home | BPW International Newsletters | BPW Business Pages | BPW Roster Online | BPW Online | Projects | Calendar | Site Map BPW International International Federation of Business and Professional Women Contact : member.services@bpw-international.org Copyright © BPW International. 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