– Conducts study to help businesses in Guyana access banking services, products

By Cindy Parkinson
THE Women’s Chamber of Commerce and Industry Guyana held a WEConnect international study press conference recently to implement the Strengthening Women Entrepreneurs in Value Chains (WE3A) project, which was launched in August 2022.

According to Project Co-ordinator Tashi Browne, the project is being funded by the Inter-Caribbean Development Bank (IDB) Lab and the Women Entrepreneurs Finance Initiative (We-Fi).

According to a recent report by WEConnect International, women-owned businesses in Guyana have limited access to banking services and products. The WE3A Project, presently being implemented nationally, included Guyana among the six nations where the study was carried out.

The project’s partner, WEConnect International, aims to link women-owned companies with potential customers worldwide. The study demonstrated that despite the COVID-19 pandemic’s severe consequences for medium-sized firms, it has also created new prospects for growth and expansion into new business sectors and commercialisation formats.

The Thunderbird School of Global Management, Arizona State University, the project’s implementing institution, commissioned WeConnect International to carry out ecosystem mapping studies and surveys among various stakeholders to comprehend the influence the COVID-19 pandemic has had on Woman Owned Business (WOB).

The studies concentrated on the obstacles and requirements that women-owned firms in Guyana, Guatemala, El Salvador, Costa Rica, Honduras, and Ecuador confront to participate in international supply chains.

It also showed the ecosystem mapping research’s different phases, including documentation, stakeholder mapping (including WOBs, sizable for-profit firms, and Business Support Organisations), stakeholder consultations, and roundtables. The amount of data that could be gathered and verified was maximized in this way.

The President of the Women’s Chamber of Commerce and Industry Guyana, Rowena Elliot, told the Guyana Chronicle that this initiative is very important for women globally but more so for “our” Guyanese women, especially at this moment. According to Elliot, it is important since it is an opportunity to show diversity and inclusion in Guyana’s growing economy.

Elliot said: “Currently, there is a shortage of labour, and there are businesses that can’t do certain things on their own, so it is our aim to get women involved by building their business confidence and capacity and training them. The economy is growing, and we are making sure that everyone has a chance at having an equal scale of opportunity. We cannot have one set of jobs, businesses, or business owners; there are many opportunities and new ideas out there.”

Elliot further explained that equipping women with the right tools enables them to function in the world of business and work, which also makes them feel secure and confident as women in what they are trying to accomplish. She is also encouraging women who are hesitant to work to “stop thinking and just do it.” With this programme, she said the Chambers plans to go into all the regions across Guyana to reach out to the different types of women and pass the message on.

“You can do it; just stop overthinking and just do it,” she said.

Even though the Chambers would be in specific regions, no one is limited to attending. Elliot said, “If we are in Region Five, for example, and anyone from Region One or any other region wants to fill out a form and get themselves equipped and ready for the working world, we will be happy to help guide you through the process.”

WEConnect International is a nonprofit global organisation that facilitates networking between large corporations, multilateral organisations, and public institutions with qualified women-owned businesses worldwide. It works with over 180 organizations representing more than USD $3 billion in annual purchase power. They have committed to having more diverse and inclusive supply chains, allowing women-owned businesses from over 130 countries to bid. WEConnect International identifies, trains, and registers in a global database of more than 16,000 businesses owned by women and provides the Women-Owned Business Certification to those companies that fulfill the international standard of at least 51 per cent ownership by one or more women. WEConnect International has certified WOBs in more than 50 countries. These countries encompass more than 70 per cent of the world’s population.