Limited access to finance continues to pose a significant hurdle for women entrepreneurs in Fiji. Fiona Dansey, the Coordinator of the Women Entrepreneurs Business Council under the Fiji Commerce and Employers Federation, notes that many women struggle to secure loans due to stringent collateral requirements and various financial barriers.
To address these challenges, the council has partnered with the Fiji Development Bank to facilitate access to the Women Entrepreneurs Loan. This initiative is specifically tailored to make financing more attainable for women. Dansey emphasizes that the council aids its members in navigating loan applications, offers business training, and provides necessary recommendation letters, all aimed at easing the process of securing loans.
The obstacles do not end with application procedures; financial literacy emerges as another critical barrier. Dansey stresses the importance of entrepreneurs actively participating in small professional circles or business councils to enhance their financial understanding and capabilities.
Fiji Development Bank’s Marketing Manager, Kinijoji Bakoso, reveals that women account for nearly 30 percent of the bank’s portfolio accounts. He reaffirmed the bank’s commitment to supporting sectors that foster sustainable economic development in Fiji. Bakoso noted that the bank has provisions for women entrepreneurs to obtain loans without the need for security or collateral, provided their businesses have been in operation for more than a year.
This collaborative effort among organizations highlights a hopeful trajectory toward greater financial inclusion for women in Fiji, potentially empowering more women entrepreneurs to thrive in an increasingly competitive business landscape.