Over 90 female entrepreneurs benefit from Inaugural Women’s Financial Forum

The panellists stressed the importance of compliance when accessing loans. Mr. Ibrahim explained, “Compliance is not just about meeting legal requirements; it’s about building trust with stakeholders and ensuring the sustainability of your business. For example, businesses must maintain compliance for the duration of a grant, which can last up to three years and involves adhering to a minimum monthly payment of $10,000 (for small businesses). It’s crucial for entrepreneurs to understand these requirements and advocate for themselves when facing challenges.”

Ms. Persaud also highlighted that for banks, compliance is also crucial for credit guarantees, legal protection and building trust with customers and stakeholders. She noted, “A few ways to develop a solid credit history include having a business account and allowing banks to access your business performance and accessing small loans”

The forum concluded with actionable next steps for participants, including applying for the SBB’s grants and loans programs, particularly the “green technology” program for environmentally-friendly technology proposals. Participants were also encouraged to improve their financial record-keeping, ensure compliance with regulatory bodies, and explore opportunities for attending expos and trade shows.

As the BF4W continues to empower women in business, ActionINVEST Caribbean Inc. in collaboration with the CBF4W is committed to fostering an environment where women entrepreneurs can thrive, scale their businesses, and contribute meaningfully to Guyana’s economic development.

[ActionINVEST Press Release]