#29Untoldstoriesin29Days : Female entrepreneurs need access to funding opportunities!

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29 Untold stories in 29 Days Campaign (active)

JULY THEME: Get to know about the founder and  29 stories

STORY TIME:

A proactive mindset or circumstance that drives one into entrepreneurship is very crucial. The willingness to identify a challenge and come up with a solution is very critical in entrepreneurship. However, what happens when your business idea or business is struggling to reach greater heights because of the lack of funding?

According to the World Bank documents “Female entrepreneurial activity is concentrated in low productivity sectors with limited potential for growth in income and employment and that often operate informally”. Therefore, this contributes to female entrepreneurs being unable grow their businesses from micro or small to medium or large productive enterprises with transformational economic impact.

A burgeoning rate of female entrepreneurs struggle to acquire funding to grow their businesses. According to a study published by the Graca Marcel Trust “Documenting financial inclusion best practices.”  The recurring themes when it comes to accessing finance for women occurred that “the requirements are inequitable and black tax/burden of care is high”.

“Inequitable requirements” and “black tax” have an impact on women entrepreneurs and affect their growth in business. Therefore, the need for financial institutions to consider the daily challenges of women in business is essential. This is because it enables a wholistic financial system that will allow women the opportunity to access funding opportunities. In addition, have fair  funding requirements  for funding processes.

The lack of acquiring funding has an impact on many women and is the deciding factor for remaining in business. Most women give up on requesting funding from financial institutions because of being rejected. Some women are not in the position to wait long lengths for funding applications to be processed. This is because the operation of every business differs in nature.

#29untoldstoriesin29days exists because:

We want women to share their stories of how they capitalised on opportunities in isolation of acquiring funding. #29untoldstoriesin29days is an initiative aimed at telling stories of female entrepreneurs in Ghana. 29 Stories of Ghanaian women who have capitalized opportunities under very difficult conditions in their entrepreneurial journey. These conditions include gender disparities, social barriers and culture.

May you please continue with supporting our movement and connect with us. Next week we will be back on YouTube. We apologise for the silence.

Image source: World Bank Blogs-World Bank Group  

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