WBO, IDB to train 300 women entreprenuers
Published:Sunday | March 13, 2011 | 12:00 AM
Dionne Rose, Business Reporter
Women Business Owners Jamaica Limited (WBO), in partnership with the Inter-American Development Bank (IDB), has launched a project, which will target women in business. The aim of the project is to improve women's business skills and increase their access to financing.
Eleanor Jones, director and past president of the WBO, told Sunday Business the project was being funded by the IDB with a US$400,000 grant, and US$200,000 from the WBO in either cash or kind.
"The country is at a stage where it needs all the input it can get to improve the economy and create jobs, and women have a role to play," she said responding to questions on why this project at this time.
The project, which was launched on Friday, will target 300 women who own small businesses with the potential to grow and prosper in both the formal and informal sectors, and who, with the right training and assistance, could grow their enterprises to medium and ultimately, large businesses.
According to Jones, the women would be selected from sensitisation sessions, which will be rolled out across Jamaica. She said the selection would focus on women in business who fit the criteria of running a registered company and have some vision of how they want their business to develop.
She said the 300 women would be drawn from all sectors.
"Any type of business has the potential to qualify," Jones said.
Mentorship programme
Jones said the programme would run for three years and would see women business owners being trained in the areas of financial management, marketing, business planning, and succession planning.
The areas selected were guided by a survey, which was conducted on women who owned businesses and who were asked the areas of need in which they needed help.
Jones said following the training sessions, the women would be enrolled in a mentorship programme. A network of mentors would assist with the application of knowledge acquired through training.
In addition, she said, one aspect of the project would incorporate tertiary-level students, who would visit with the 300 women-owned businesses to check on their progress.
Jones said the project also includes a component providing access to financing.
The WBO has already partnered with the National Commercial Bank to help design a special financial product for women entrepreneurs.
The final component of the project is the monitoring and evaluation of the business operators to measure their progress. The results will be made public.
Established in 2004, WBO is a limited liability company that has since applied for non-profit status. The organisation was formed to foster and promote the success of women business owners through education, research, mentorship, and networking.