Over 90 female entrepreneurs benefit from Inaugural Women’s Financial Forum

On August 22, 2024, a total of ninety-three (93) female entrepreneurs benefited from the inaugural ‘Women Entrepreneurs Financial Empowerment Forum’ hosted by ActionINVEST Caribbean Inc. (ACI) through the Bankability Fund for Women (BF4W). The event brought together participants from Regions 3, 4, 5, 6 and 10, both in person and virtually, to bridge the financial literacy gap and support women entrepreneurs in Guyana.

Over the past few months, ACI has consistently offered support to small businesses through free training programs, a new resource centre, personalised business advice and access to funding opportunities. These initiatives are aligned with the broader objectives of the BF4W, a program developed by the Cherie Blair Foundation for Women (CBFW) in partnership with ACI and funded by the Inter-American Development Bank (IDB) Lab. The program is designed to provide tailored financial solutions and enhance business acumen for women entrepreneurs.

Yesterday’s forum featured a panel comprising key representatives from financial and lending institutions, including Mr. Mohamed Shazim Ibrahim, Chief Executive Officer of the Small Business Bureau (SBB) and Ms. Thashela Persaud, Manager’s Assistant III – Credit at Republic Bank Limited (RBL).  Key areas of discussion included accessing finance, business compliance, loan improvements and financial documentation, the importance of a healthy-credit score and the value of networking and community building to build a supportive business ecosystem.

The panellists stressed the importance of compliance when accessing loans. Mr. Ibrahim explained, “Compliance is not just about meeting legal requirements; it’s about building trust with stakeholders and ensuring the sustainability of your business. For example, businesses must maintain compliance for the duration of a grant, which can last up to three years and involves adhering to a minimum monthly payment of $10,000 (for small businesses). It’s crucial for entrepreneurs to understand these requirements and advocate for themselves when facing challenges.”

Ms. Persaud also highlighted that for banks, compliance is also crucial for credit guarantees, legal protection and building trust with customers and stakeholders. She noted, “A few ways to develop a solid credit history include having a business account and allowing banks to access your business performance and accessing small loans”

The forum concluded with actionable next steps for participants, including applying for the SBB’s grants and loans programs, particularly the “green technology” program for environmentally-friendly technology proposals. Participants were also encouraged to improve their financial record-keeping, ensure compliance with regulatory bodies, and explore opportunities for attending expos and trade shows.

As the BF4W continues to empower women in business, ActionINVEST Caribbean Inc. in collaboration with the CBF4W is committed to fostering an environment where women entrepreneurs can thrive, scale their businesses, and contribute meaningfully to Guyana’s economic development.

[ActionINVEST Press Release]