Scotia, with the launch of its Scotiabank Women Initiative (SWI), is seeking to provide greater access to finance for female entrepreneurs.

The initiative, first launched in Canada back in 2018, marks the first for the region and aims to provide financial support, training, advisory services and mentorship for women in business as they navigate the challenges of the current economic environment. Under the programme female entrepreneurs are set to benefit from a loan fund valued at $3 billion from which eligible female entrepreneurs who are customers of the bank can access up to $100 million at interest rates of 7 per cent over three years. The fund is to be made available immediately while the education and advisory services component are to be offered later in the year.

President and chief executive officer (CEO) of the Scotia Group Audrey Tugwell Henry, in lauding the programme as a bold initiative being offered by the 132-year-old financial institution, said it was specially designed to increase economic opportunities for local women-led and women-owned businesses.

“SWI is a bold initiative that will aid women as they continue to help Jamaica transition from a developing to an innovation and knowledge-based economy and one that will allow us to build more social enterprises focused on transformation, while still yielding profits and creating more environmentally conscious companies that will build and benefit our region for years to come,” she said during a launch event held on Friday last.

In highlighting the myriad of challenges that often result in the failure and disproportionate growth of women-led businesses, she said the initiative will open new opportunities for female entrepreneurs in the region especially in sourcing greater levels of access to funding.

“The launch of this initiative represents another deliberate step by Scotiabank to create opportunities for women to achieve success in business. We are committed to Jamaica and to offering strong financial support and economic recovery particularly for women-led businesses. We are taking steps to address critical statistics that will help to correct the underrepresentation of women so that they can unlock their greatest potential,” Tugwell Henry said.

“SWI’s education programme will offer bespoke specialised training resources, tools and workshops aimed at boosting financial education and technical expertise. In terms of advisory, we will be working to further empower women in business in areas such as governance and commercial board readiness. All of the educational services will be offered to participating businesses with the cost fully underwritten by Scotiabank,” she also noted.

Managing director of the Development Bank of Jamaica (DBJ) Milverton Reynolds, in bringing greetings at the launch event, said the initiative signals the shared vision of both entities as financial institutions in being committed to their mandates of filling markets gaps and providing economic opportunities through funding.

Dubbing the SWI as “timely”, Reynolds said it was also a “game-changing and revolutionary initiative.”

According to Nadine Heywood, SWI programme lead and director of credit solutions, corporate and commercial banking at Scotiabank, the initiative is another in the bank’s line of products aimed at building resilience.

“The global events of the past two years continue to demonstrate the critical need for us to not only provide resources but to also share knowledge and useful insights, so that the beneficiaries when needed, can pivot in the face of adversity and chart new course to grow and become successful,” she said.

“I know that Jamaican women will really need and appreciate this support to help break down barriers and increase economic activities for them to grow and develop professionally,” added Anya Schnoor, executive vice-president of Scotiabank Caribbean, Central America and Uruguay, in her remarks.