Limited access to financing continues to be a major challenge for women entrepreneurs in Fiji. Fiona Dansey, Coordinator of the Women Entrepreneurs Business Council under the Fiji Commerce and Employers Federation, points out that many women face difficulties in securing loans due to strict collateral requirements and other financial obstacles.
In response to these challenges, the council has teamed up with the Fiji Development Bank to promote the Women Entrepreneurs Loan program. This initiative is designed to make financing more accessible for women, with the council providing support that includes guidance on loan applications, business training, and essential recommendation letters to facilitate the loan acquisition process.
However, the obstacles extend beyond just the application process; financial literacy is also a significant barrier. Dansey emphasizes the importance of women entrepreneurs engaging with small professional groups or business councils to improve their financial knowledge and skills.
Kinijoji Bakoso, Marketing Manager at the Fiji Development Bank, highlights that women represent nearly 30 percent of the bank’s portfolio accounts. He reiterated the bank’s dedication to supporting sectors that contribute to sustainable economic growth in Fiji. Notably, Bakoso mentioned that women entrepreneurs can secure loans without the requirement of collateral, provided their businesses have been operational for over a year.
This collaborative initiative showcases a promising movement towards enhanced financial inclusion for women in Fiji, suggesting that more women entrepreneurs may find the necessary support to thrive in an evolving and competitive business environment. The collective efforts of organizations working toward this goal could lead to a stronger and more equitable economic landscape for all.