Overcoming Barriers: CDB’s SheTrades Caribbean Hub Empowers Women Entrepreneurs
A Challenge-Filled Environment
Across the world, female entrepreneurs often encounter a slew of challenges, and the Caribbean is no different. Women in the region seeking to launch or expand businesses are tackling numerous issues like limited access to money, assets, mentoring and networking, expensive funding options, and a lack of business knowledge.
A Proven Solution
Despite the constraints, multilateral organisations continually cite women-owned small and medium-sized enterprises (MSMEs) as proven drivers of both economic growth and poverty reduction. Gender balance in business diversifies the landscape which contributes to economic resilience and enriches local markets. Consequently, addressing gender-specific barriers to market entry and business expansion is a high priority for the Caribbean Development Bank (CDB).
The SheTrades Caribbean Regional Hub
To more effectively respond to the needs of this diverse target group, CDB joined forces with the International Trade Centre to establish the SheTrades Caribbean Regional Hub. The primary objective of the Hub is to enhance market access for businesses led or owned by women by providing training and support in obtaining finance and seizing market opportunities.
A Beneficiary’s Experience
Among the early beneficiaries is Ms. Nydia Norville, owner and operator of Choiselle, an all-natural, skincare and wellness business that creates products inspired by Caribbean botanicals for export.
“The regional hub has provided meaningful and tangible support for my personal and professional growth as a Caribbean woman in business. I am availing myself of the many unique, enriching and specialised opportunities accessible through SheTrades.” Nydia Norville stated.
Sectoral Focus and Growth Ambitions
Since the launch in 2023, women in all CDB’s 19 Borrowing Member Countries have joined SheTrades Caribbean. Sectors seeing strong uptake include the Cultural and Creative Industries, Agriculture and Agro Processing, and Tourism.
Given the importance of women-led small businesses in achieving sustainable and equitable economic growth, CDB is aiming to support over 2,000 such enterprises through the regional SheTrades hub by 2025. The ultimate goal is to create a pathway for more Caribbean women to move from local markets to global trade.
A Call to Action
“On a whole, stronger Caribbean businesses with more exports can shore up our economies but empowering women in business increases employment and economic activity, reduces familial poverty, and improves standards of living all of which contribute to more stable, balanced societies and economies,” CDB’s Director of Projects, Mrs. Therese Turner-Jones explained.
“Our SheTrades Caribbean Hub is connecting women entrepreneurs in the Caribbean with global markets and increasing business opportunities which will strengthen trade networks throughout the region and create more resilient economies,” she added. “This is why we are increasingly targeting investment in the business sector.”
Conclusion
In conclusion, the SheTrades Caribbean Regional Hub is a vital initiative that aims to overcome the numerous challenges faced by women entrepreneurs in the region. By providing training and support, the Hub is empowering women to move their businesses forward, drive economic growth, and contribute to a more stable and balanced society.
Frequently Asked Questions
- What is the SheTrades Caribbean Regional Hub? The SheTrades Caribbean Regional Hub is a program established by the Caribbean Development Bank (CDB) and the International Trade Centre to enhance market access for businesses led or owned by women in the Caribbean.
- What is the objective of the SheTrades Caribbean Regional Hub? The primary objective of the Hub is to provide training and support to women-owned businesses, enabling them to obtain finance and seize market opportunities.
- What sectors is the SheTrades Caribbean Regional Hub focused on? The Hub is focused on the Cultural and Creative Industries, Agriculture and Agro Processing, and Tourism.
- What is the target goal for the SheTrades Caribbean Regional Hub? The ultimate goal is to support over 2,000 women-owned small businesses in the region by 2025, enabling them to move from local markets to global trade.