Technically, we all have the “same” 24 hours in a day, but those 24 hours vary greatly from person to person. Women, especially mothers, have to juggle multiple roles every day to provide for and care for those they love most – their families. In some situations, they may also have to take on the responsibility of running the household and managing the finances in addition to working as a homemaker to make ends meet.
Many women are pursuing entrepreneurship as their primary livelihood or as a secondary source of income. 950,000 small and medium-sized businesses Many of the Philippines’ micro, small and medium enterprises (MSMEs) are women-owned and operate primarily in the wholesale, retail, food services and hospitality sectors.
Tala, the world’s first global majority fintech company and trusted partner to MSME owners, conducted research to identify what motivates women to consider starting their own businesses and also delved into the role of financial services in enabling businesses to grow and thrive.
With an innate sense of always putting the needs of their family first, 56% of respondents said they would be motivated to take up entrepreneurship to gain the flexibility to care for their family while still earning an income. They want to do something that helps reduce financial stress without sacrificing quality time spent with their loved ones.
Following this, the survey also revealed that women are motivated by personal growth, specifically the desire to be their own boss (51%) and the desire to challenge themselves and gain new skills (51%). Starting their own business allows women to expand their network, forge new relationships with customers and business partners, and connect with fellow entrepreneurs – all of which makes them feel more empowered while also empowering and serving others.
While there are many factors that prevent women-owned small businesses from growing and reaching their full potential, one of the most prominent is a lack of access to financial services and products, such as credit and capital, to start or support their chosen businesses. 55% of respondents reported challenges accessing financial services such as loans, savings and lines of credit due to barriers such as complex application requirements and paperwork, lack of eligibility to apply due to age, employment status or credit history, fraud, unfair payment terms or interest rates, and lack of knowledge on navigating digital platforms.
Furthermore, while 80% of respondents said they specifically considered borrowing, only 29% went ahead with an application with the aim of starting a business and 21% to supplement an existing business.
Recognizing this challenge, Tara is not only providing a platform for women entrepreneurs to apply for flexible and convenient online credit, but also responding to the call for more accessible financial services. opportunity They help you take control of your finances, strengthen your business and achieve your goals – as part of their commitment to closing the financial gap and unlocking economic power for the majority of the world’s people.
“We’ve heard many success stories from Tara’s clients who have used our financial services to launch and ultimately grow their businesses. We take pride in these success stories because part of our mission is to be a trusted partner for entrepreneurs, especially women, on their journey to success,” said Missy Santos, Tara’s Marketing Manager.
Aimee, a mother and long-time Tala customer, is one such success story. Before finding Tala, she had already applied for loans from several banks to support her food stall business, but was rejected every time because she had no credit history. Luckily, she heard about Tala from a friend and decided to give it a try.
“When I got my first loan from Tara, I first used the money for my business. I went to the market and bought ingredients to make homemade dishes. Toshino I sold it to my neighbors and friends,” she said.
(“I took out my first loan from Tara and borrowed money. The money I borrowed cannot be used for business purposes. We are open 24/7 so you can rest assured.”)
Amy was able to make a profit from her 1,000 peso capital, which she reinvested to expand her business. By making her repayments on time, she was also able to increase her loan line. Now, she is earning extra income through Tara’s referral program while helping others get the same loan. Amy’s hard work has significantly improved her family’s financial situation, and she has even been able to start another business selling beauty products.
TALA’s commitment to supporting women entrepreneurs goes beyond financial services. It also provides financial education to mothers, housewives, and all aspiring women entrepreneurs, equipping them with the tools and knowledge they need to better manage their finances. As part of this, TALA, with support from Spark and the Quezon City local government, will be hosting another TALAkayan workshop for mothers on May 18, 2024, led by financial literacy advocate and money expert, Salve Dupreet.
Tala empowers women entrepreneurs – mothers, homemakers, homemakers, caregivers – who tackle life’s challenges head-on with courage, grace and determination. With Tala as your trusted partner, start, grow and achieve your financial goals today.
This article is provided by Tala Philippines.
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