Caribbean Development Bank Launches Initiative to Empower Women-Led Businesses

Introduction to the Initiative

BRIDGETOWN, Barbados, CMC—The Barbados-based Caribbean Development Bank (CDB) says it has launched a half-million US dollar initiative to enhance the competitiveness of women-led businesses across the region.

The region’s premier financial institution said that the virtual launch of the “SheTrades Caribbean Grow and Go Grant Facility” marks a significant step toward advancing women’s economic empowerment and boosting their participation in international trade.

Target Beneficiaries and Objectives

The facility targets women-owned and led micro, small, and medium-sized enterprises (MSMEs) in the CDB’s 19 Borrowing Member Countries (BMCs).

Provides essential financial support for scaling businesses, expanding into new markets, and strengthening economic resilience. Additionally, the program offers technical and capacity-building support through the SheTrades Caribbean Hub, a partnership with the International Trade Centre (ITC).

The CDB said eligible businesses can apply for grants of up to US$25,000 in all exporting sectors, including agriculture, creative industries, manufacturing, technology, tourism, and hospitality services.

Two streams provide funding: GROW – for firms enhancing internal capacity and systems and GO – for businesses ready to export or expand internationally.

Importance of Empowering Women in Business

“In an era where global competition is intensifying, and markets are rapidly evolving, empowering women in business is not just the right thing to do, it is a strategic imperative,” said the CDB’s acting Director of Projects, L. O’Reilly Lewis, highlighting the importance of investing in women-led firms, particularly in the era of digital transformation:

“By investing in their success, we are fortifying our region’s position on the global stage, ensuring that women-led businesses not only thrive but lead in this new, interconnected world.”

Head of the Women and Trade Programme, SheTrades Initiative at the ITC, Dr. Judith Fessehaie, spoke of the significance of the fund in removing financial barriers that Caribbean Women MSMEs face:

“By breaking financial barriers, this initiative ensures that more women can participate in and benefit from international trade.”

Closing the Gender Gap in International Trade

CDB’s acting head of the Private Sector Division, Lisa Harding, underscored the urgency of closing the gender gap in international trade, noting that women lead only 15 percent of such businesses.

“What’s even more concerning is that at the current pace of progress, it could take more than a century to bridge this gender gap.

“But I believe we are at a turning point. Today, we have the opportunity to speed up the process and build a future where women are at the forefront of international business and trade. Let’s discuss how we can make that future a reality right now, in our region and beyond,” Harding said.

Launch and Participation

More than 240 members of the SheTrades Caribbean Hub attended the fund’s virtual launch alongside representatives from Gender Affairs Anguilla, Invest Turks and Caicos, Cayman Islands Chamber of Commerce, Export Barbados, BELTRAIDE, the Inter-American Development Bank, Compete Caribbean, and PowerHerful Women Centre of the JMMB Group Limited.

Since its establishment in 2023, the SheTrades Caribbean Hub has emerged as a pioneering vehicle for women’s economic empowerment.

Future Plans and Application Process

CDB said it’s also preparing to release the findings of the Flagship Study on Access to Finance in May 2025, which will inform future actions towards more equitable access and effective financing models for women-led businesses.

Women entrepreneurs interested in applying for the SheTrades Caribbean Grow and Go Grant Facility must be legally registered in one of CDB’s 19 BMCs and be registered members of the SheTrades Caribbean Hub.

The CDB said applications would be evaluated based on criteria including the comprehensiveness of the funding proposal and participation in capacity-building programs. All applications must be submitted via the SheTrades website before April 27, 2025.

Conclusion

The launch of the SheTrades Caribbean Grow and Go Grant Facility marks a significant step towards empowering women-led businesses in the Caribbean region. With its focus on providing financial support, technical assistance, and capacity-building programs, this initiative has the potential to make a meaningful impact on the region’s economic development and gender equality.

Frequently Asked Questions (FAQs)

Q: What is the SheTrades Caribbean Grow and Go Grant Facility?

A: The SheTrades Caribbean Grow and Go Grant Facility is a half-million US dollar initiative launched by the Caribbean Development Bank (CDB) to enhance the competitiveness of women-led businesses across the region.

Q: Who is eligible to apply for the grant facility?

A: Women entrepreneurs who are legally registered in one of CDB’s 19 Borrowing Member Countries (BMCs) and are registered members of the SheTrades Caribbean Hub are eligible to apply.

Q: What is the deadline for submitting applications?

A: All applications must be submitted via the SheTrades website before April 27, 2025.