The Development Bank of Jamaica (DBJ) has commissioned a study to identify some of the inhibitors to increasing the number of women engaged in robust, sustainable entrepreneurship.

Sponsored by the Boosting Innovation, Growth and Entrepreneurship Ecosystem (BIGEE) programme, the research will be undertaken by USA-based A2F Consulting, which will commence on August 30, 2023. The study should provide an overview of Jamaica’s entrepreneurial and early-stage business landscape with a view to identify “actionable interventions” the DBJ can implement to support the participation of women in entrepreneurship.

According to the bank, while a previous research conducted by UN Women and the Caribbean Policy Research Institute, titled ‘Closed for Business: Barriers to Women’s Entrepreneurship in Jamaica’, has provided some insights into a number of obstacles women face to become entrepreneurs, the new study will seek to build on the former by curating practical solutions and providing recommendations for the development of new products and programmes for businesswomen while increasing advocacy efforts.

Moreover, the DBJ believes that such a study can trigger policy decisions surrounding gender equality and economic empowerment in Jamaica.

“This body of research is not about reinventing the wheel. It’s about taking the valuable insights from previous studies, engaging with entrepreneurs, and translating them into actionable interventions that can make a tangible difference in the lives of female entrepreneurs,” Deborah Newland, general manager for Strategic Services, DBJ, stated.

So far, early assessments have found that while women entrepreneurs may have access to loan financing, “their businesses don’t always achieve the desired scale”. Additionally, whereas Jamaica has a vibrant entrepreneurial landscape with institutions providing support to owners of micro, small and medium-sized enterprises (MSMEs), women entrepreneurs have faced gender biases that prevent them from receiving as much support as their male counterparts.

To this end, the DBJ has informed the Jamaica Observer in e-mailed responses that it will be working along with multilateral financing partners in the “development of specialised programmes tailored to cater to the needs” of women entrepreneurs.

“These programmes will be designed to provide targeted financial assistance, comprehensive mentorships and relevant resources that align with the unique challenges and aspiration of women entrepreneurs. Our aim is to foster an environment where they can thrive, innovate and contribute to economic growth and empowerment,” the bank continued.

With a client base consisting of 70 per cent women-owned business, most of whom are “heavily concentrated” among microbusinesses, 25 per cent among SMEs, the DBJ earmarked 7 million euros — approximately $1.2 billion — for that demographic.

In addition to providing grant and loan financing, the DBJ will continue to work with business incubators and accelerators in offering technical assistance, business support and partnerships.

“We are cognisant that collaboration with other stakeholders will be an essential approach if we are to maximise the impact of these interventions and creating a more supportive ecosystem that empowers women entrepreneurs to succeed,” the bank told Sunday Finance.

“We believe that supporting female entrepreneurs is not only a matter of economic significance but also a step towards creating a more inclusive and equitable society,” gender specialist at DBJ Roxine Ricketts added.

When asked about the scope of the study, the DBJ indicated that it will not cover a comprehensive assessment of all female-led businesses but rather a subset. However, it will provide both qualitative and quantitative data on the differences between those operating in the formal economy and those in the informal sector.

“We endeavour to get as much disaggregated data as possible. Whenever the data is available we are committed to providing a comprehensive breakdown of women-led businesses, considering both industry/sector classifications and sizes,” the DBJ revealed.

For data collection purposes, the DBJ will engage with a wide variety of stakeholders including women entrepreneurs, business associations, government representatives and non-governmental organisations to ascertain a comprehensive understanding of Jamaica’s entrepreneurship ecosystem, the realities women entrepreneurs face, and the possible interventions necessary.

The findings of the study will them be shared among these same stakeholders to gain buy-in to increase partnerships that bolster the growth of women entrepreneurs.

“We are committed to working hand-in-hand with the community, policymakers, and organisations to ensure that our research leads to actionable outcomes,” Christopher Brown, programme manager, BIGEE.

“We are not saying that there are not women participating; we would be the first to confirm that several of our women participants have carved strong business opportunities and are doing tremendously well. But we need to see more women entrepreneurs and women-led business owners accessing our range of products to grow and scale their businesses,” he emphasised.