It took Violeta over 18 years of hard work and passion to build her dream business that is both impactful and profitable, but it wasn’t until the past year that she was able to finally get a bank loan in her name after participating in CARE’s Ignite and Strive Women programs supported by Mastercard’s Center for Inclusive Growth.
“Tejidos Perunos is the dream of 14 women,” says Violeta. “We have overcome many difficulties but despite them we have been able to move forward. At this point I realize that to keep moving forward I have to keep preparing and training, not only with me but with the whole team. This is a dream that we see together.”
Achieving a healthy market system and combating institutional barriers
Despite the creativity, resilience and leadership shown by Violeta and millions like her, women entrepreneurs face significant barriers and constraints, including access to credit, that hinder their growth and undermine their confidence.
The women entrepreneurs we work with through CARE’s programs aren’t going to wait. They want to grow their businesses, and they have the skills and confidence to do so. Our recipe for building a supportive ecosystem that values ​​women’s contributions is to design policies, products and programs in collaboration with local partners. Together, we design customized financial services alongside trainings and business networks, along with outreach campaigns that challenge harmful gender norms.
Policymakers, businesses, banks, community leaders and individuals have a role to play in unlocking women’s economic power, valued at $10 trillion annually. System-wide changes are needed, including comprehensive macroeconomic reforms, from fairer tax systems to recognizing the care economy. Creating a more equitable economy for all marginalized groups, including women, requires localized, women-centric financial products and entrepreneurial support systems.
In celebration of United Nations Small and Medium Enterprise Day, let’s recognize, celebrate and promote women-led MSMEs that are the lifeblood of our communities. Here’s how you can show your support and make an impact:
- Be intentional about shopping at women-owned small businesses and spread the word to your friends, family and on social media.
- If you are a business owner, invest in, collaborate with, and mentor women entrepreneurs.
- For financial services providers, design customer-centric solutions that prioritize and support women and other marginalized groups.
- If you are a policymaker or advocate, promote policies and programs that recognize and strengthen the central role women entrepreneurs play in society.
By supporting the growth and resilience of women-led small businesses, we strengthen the intangible bonds that connect us. This not only helps unique and vibrant places like Vietnam Noodle Cafe in Hanoi thrive, it also leads us towards a feminist future where equality and inclusion are realities.
Sarah Hewitt is the Director of the Women Entrepreneurs team at Strive Women with CARE. As an international development professional, she has led global strategies focused on women’s economic justice. Based in London, she holds an MBA from Northwestern University and serves on the Board of Nurturing Minds.
Banner photo: Tejidos Perunos owner Violeta Pacheco MejÃa (center) with several employees in Villa El Salvador, Peru. (Photo by Carrie Wagner/Peru)
