61 business owners participate in Women Entrepreneurship Support Project workshop
SOME 61 female business owners participated in a workshop staged on February 29 under the Women Entrepreneurship Support (WES) Project.
The project, spearheaded by the Ministry of Industry, Investment and Commerce in partnership with the Bureau of Gender Affairs, was initiated to address the obstacles encountered by female-owned micro, small and medium enterprises (MSMEs).
It aims to provide capacity building, technical assistance and financial support to MSMEs owned by women by boosting their ability to scale their operations, formalising their engagements and increasing their potential for additional business opportunities.
Portfolio minister, Senator Aubyn Hill, said the project has immense potential for propelling Jamaica’s economic and social development.
He referenced World Bank data indicating that there are currently 425,000 MSMEs in Jamaica.
“A report from the Statistical Institute of Jamaica, which covered the period of January to December 2022, stated that there are approximately 165,000 female business owners in Jamaica,” Hill further pointed out.
He was speaking during a WES Project public forum at the University of the West Indies Regional Headquarters in St Andrew on February 29.
Hill said the project is designed to provide training, technical aid and financial assistance to female-led MSMEs.
“This initiative helps women entrepreneurs to expand your businesses, increase your productivity and enable you to scale up,” he stated.
He informed that the project’s first and second phases have been successfully implemented, resulting in the provision of funding to women entrepreneurs.
“Phase one had four beneficiaries and phase two had 10 beneficiaries. So the WES programme is a clear demonstration of this ministry’s commitment in ensuring that women-led and women-owned enterprises are provided with the necessary resources and tools to grow your businesses and achieve success,” he stated.
Hill indicated that under the project’s current phase, emphasis has been placed on providing specialised assistance to 50 women-owned businesses located in rural communities, adding that “we are doing this with the help of the Canadian High Commission.”
Meanwhile, Permanent Secretary in the Ministry, Sancia Bennett Templer, informed that the MSME Policy is being revised.
She added that the revised policy, when completed, will include a full chapter on women entrepreneurs.
The policy presents the goals that will support the MSME sector throughout the entrepreneurship process.
“We, at the ministry, are committed to the MSME sector [and] we have ramped up our activities in the area,” Bennett Templer stated.