KINGSTON, January 7, 2022 – Scotiabank on Friday launched the Scotiabank Women Initiative (SWI), a programme aimed at advancing women-led and women-owned businesses in Jamaica. 

In a statement, the bank said female business owners face unique challenges and through the SWI programme it will help break down barriers to increase economic opportunity for women to grow and develop professionally.

Executive Vice President of Scotiabank Caribbean, Central America and Uruguay, Anya Schnoor, commenting on the launch, said, “I am truly pleased to be launching this significant initiative which will offer meaningful support to women leaders and entrepreneurs in Jamaica. In Canada, the SWI has helped over 5,000 programme participants to date to grow their business, further develop their business acumen and hone their leadership skills.”

Schnoor noted that the SWI programme is a three-pronged programme which comprises access to capital, business education and business advisory services and mentorship. 

The fund valued at $3 billion will be available immediately with the education and advisory components to be offered later in 2022. The loan fund will give eligible women-led and owned businesses access of up to $100 million at a launch rate of seven per cent along with waivers on applicable fees.

In addition, these businesses will receive three months waivers on fees for merchant services and business online banking. The release explained that in the coming months, the bank will also launch a series of free education workshops aimed at elevating women’s skills, gaining financial management and technical expertise. The final component will feature advisory assistance to further empower and mentor women in business in areas such as governance and commercial board readiness.

Also speaking at the launch, President and CEO of Scotia Group Jamaica, Audrey Tugwell Henry said “I am proud to be a leader in an organisation that acknowledges the particular challenges that professional women face and is taking deliberate action to address some of them. We truly believe that by helping to elevate women in business, we will also directly impact Jamaica’s overall productivity and consequently a number of social issues”.

According to the release, the fund will be available to both existing and new customers who meet the eligibility criteria. Jamaica is the second country within Scotiabank’s global operations to launch this initiative following a successful execution in Canada.