93 female entrepreneurs benefit from financial empowerment forum
A total of 93 female entrepreneurs hailing from Regions Three (Essequibo Islands- West demerara); Four (Demerara- Mahaica); Five (Mahaica-Berbice), Six (East Berbice-Corentyne) and 10 (Upper Demerara- Upper Berbice) last week benefited from the inaugural ‘Women Entrepreneurs Financial Empowerment Forum’.
The event brought together participants both in person and virtually, to bridge the financial literacy gap and support female entrepreneurs in Guyana.
The forum featured a panel comprising key representatives from financial and lending institutions, including Chief Executive Officer (CEO) of the Small Business Bureau (SBB), Mohamed Shazim Ibrahim and Manager’s Assistant III – of Republic Bank Limited (RBL), Thashela Persaud.
Small Business Bureau (SBB) CEO, Mohamed Shazim Ibrahim speaking at the inaugural Women Entrepreneurs Financial Forum
Key areas of discussion by the forum hosted by ActionINVEST Caribbean Inc. (ACI) through the Bankability Fund for Women (BF4W), 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.
Speaking to the participants Ibrahim highlighted the importance of compliance when accessing loans.
“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,” he explained.
Echoing similar sentiments Persaud, said, “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” she stated.
The forum concluded with actionable next steps for participants, including applying for the SBB’s grants and loans programmes, particularly the Green Technology Grant of up to 1 million dollars. Participants were also encouraged to improve their financial record-keeping, ensure compliance with regulatory bodies, and explore opportunities for attending expos and trade shows.
