Women-owned business need equal access to capital
How to Rebuild Global Business for Good, led by WEConnect International, identifies a massive oversight in the ecosystem of support for women business owners and outlines a global strategy to support inclusive economic growth during and after COVID-19 by leveraging the power of women-owned businesses as innovators and job creators.
The special report, underwritten by Moody’s Corporation and TD Bank Group, recommends that breaking down barriers to new markets and capital is essential for women-owned businesses to survive and thrive.
“There is an urgent need for women-owned businesses to have equal access to markets and capital,” said Arlene Isaacs-Lowe, Council Chair, Global Head of Corporate Social Responsibility for Moody’s Corporation and President of the Moody’s Foundation. “This need has only been exacerbated by the current pandemic, making it more important than ever for corporations and government agencies to assist women business owners with growing and scaling their enterprises.”
According to the report, when women succeed as business owners because of better access to both markets and capital, everyone benefits – employees, families, communities and the global economy:
Small and growing women-owned businesses are one of the most significant drivers of innovation and job growth in both developed and emerging markets.
When women gain access to finance and increase their sales, they invest their income in better health, welfare and education for their households and communities.
Closing the gender disparity gap would add trillions of dollars to global GDP.
The report details approaches to help women-owned businesses grow by reducing existing barriers and improving economic empowerment through data disaggregation, strategic partnerships, procurement opportunities, financing opportunities, research and education.
More business education and knowledge sharing will also reduce risk bias against women business owners, improve inclusive investing and inclusive sourcing practices and minimize market-level social, legal, political and tech barriers, the report found.
“Connecting access to markets with access to capital was identified by Council members as a major pain point for growth-oriented women-owned businesses. Stakeholders must work together to tackle both critical challenges at the same time if we want to rebuild global business for good,” said Elizabeth A. Vazquez, CEO and Co-Founder of WEConnect International.
Click to download a copy of How to Rebuild Global Business for Good.
