Growth & Jobs | Gender inclusivity for sustainable economic growth

SINCE GAINING Independence, Jamaica has been on a journey to define itself as a nation equipped to sustain itself and its people. Despite political and economic challenges, exogenous global events and the increasing impact of climate-related threats, the country has managed to steadily propel itself towards sustainable economic growth. However, amidst this movement towards sustainability are the different experiences by men and women when it comes to accessing financial resources and economic opportunities.

The different modes of socialisation for men and women have translated to dissimilar capacities to show up in the world of business, leadership and entrepreneurship and, in turn, how industry leaders and investors perceive gender in relation to programme design and where they direct their funds. However, research around gender-smart financing has noted that concerted efforts to minimise the gap in financing women in emerging markets can lead to vast improvements in a country’s development. Therefore, ensuring equitable access to finance is not just a gender issue, it is an economic imperative.

Financing that is gender-blind affects empowering all Jamaicans with the tools they need to achieve their highest potential and thrust Jamaica even further towards its development goals. So how can institutions support more gender-inclusive financing? First, institutions can increase women’s access to financial services by offering products that meet them where they are. Products such as alternative collateral. The DBJ has been a leader in this space through its Credit Enhancement Facility (CEF), which provides entrepreneurs, including women, with the requisite security needed to acquire a business loan. Second, support can come from direct investment in female entrepreneurs’ business development. The IDB- and EU-funded Boosting Innovation Growth & Entrepreneurship Ecosystem Programme champions this, as they issue grants and funding to ‘incubators’ and ‘accelerators’ to provide tailored capacity-building, mentorship and training services, to advance their business capabilities and move their business ideas, products and services to become more competitive and viable.

Gender-inclusive financing and business practices propel economies to perform their best. Global research has shown that women’s economic empowerment and their increased access to capital endures as a smart business and economic decision. For example, equal-access finance and greater labour force participation for women invariably lead to higher economic resilience for emerging economies, as it promotes economic diversification, reducing overreliance on a few goods and services. Studies have also shown that when women earn more, they redistribute their wealth into their communities, leading to better, healthier and safer households, and a reduction in poverty. When women are deliberately considered in decision-making and programme design, Jamaica stands its greatest chance of being the place of choice to live, work, raise families and do business.

For further information on how DBJ can help you get started or grow your business, you can visit www.dbankjm.com or WhatsApp: 876-371-3830.

Kristina Neil is a gender specialist at DBJ.