SANTO DOMINGO. -The Dominican Republic's Association of Multiple Banks (ABA) and IDB Invest led a panel with representatives of women's business organizations, which allowed for the sharing of guidelines to follow in the process of implementing the Women Entrepreneurs Finance Code in the country.
The "Meeting of women entrepreneurs with financial institutions to address barriers in access to financial services" fostered an understanding of the challenges women face in their businesses and ventures, as well as serving as an impetus to the commitment assumed by financial entities to promote a more inclusive and equitable environment.
“This type of dialogue is essential to transforming access to financial services and ensuring that women entrepreneurs receive the support they need to thrive. Today we have heard powerful stories that highlight not only the challenges, but also the opportunities we can create by working together,” said Linda Valette, Vice President of Strategic Business Programs at Banco de Reservas, who moderated the discussion.
The panel, held at the offices of the Inter-American Development Bank (IDB) Group in Santo Domingo, was made up of Amarilys Durán, from the International Dominican Federation of Women Entrepreneurs (FEM); Verónica Núñez, from the National Association of Women Entrepreneurs, Executives and Professionals (Anmepro); Julissa Jiménez, representative of the Dominican Association of Women Entrepreneurs, as well as Hilene Galán Laureano, from the Andalusian Association of Women Entrepreneurs in the Environmental Sector (Ansemac) and the Forum of Businesswomen and Professionals of Córdoba (FEPC).
The activity is part of a series of workshops bringing together banks participating in the We Finance Code, as well as key institutions supporting the initiative's development, including the Central Bank, the Superintendency of Banks, the Ministry of Industry, Commerce and SMEs, and the Ministry of Women. Together, they comprise Working Group 3, which includes managers and administrators of units responsible for SMEs, explained the ABA and IDB Invest in a press release.
They explained that the WE Finance Code provides technical support to improve data quality and help institutions develop more effective products for women entrepreneurs, based on the real needs of this segment. Through collaboration between financial institutions and women's associations, the aim is to develop policies and practices that eliminate the barriers women entrepreneurs face in accessing credit and other financial services.
After her turn, Verónica Núñez of Anmepro emphasized the need to create more inclusive financial products that adapt to the realities of women entrepreneurs, noting that current conditions often fail to reflect the needs of this segment. "Women are not just statistics; they have unique stories and needs that must be considered when designing financial products," she stated.
Panelists and coordinating team. (EXTERNAL SOURCE).
Financial education is a fundamental condition for overcoming barriers to access, emphasized Amarilys Durán of FEM, who commented that many women lack the necessary information to make appropriate business decisions. "It is vital to implement training programs that not only teach about finance but also foster confidence in women's entrepreneurial skills," she added.
Hilene Galán, representative of Ansemac and FEPC, emphasized the importance of mentorship and technical support. “Women entrepreneurs need not only financing, but also ongoing support to help them navigate the complex business world. Mentorship can make the difference between success and failure,” Laureano stated. “It is essential that financial institutions work closely with women’s associations to offer this type of support,” she insisted.
Along the same lines, Julissa Jiménez of ADME emphasized the value of providing support to women entrepreneurs to help them overcome challenges, given that many face a hostile environment. Therefore, it is essential to foster a climate of trust and support. "We need financial institutions to listen to and understand our stories, and to personalize their services to meet our needs," she stated.
The panelists, as well as the representatives of the convening institutions, agreed that it is necessary to establish strategic alliances between financial entities and associations of women entrepreneurs to improve access to and the quality of the services offered.
