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LATIN AMERICA AND THE CARIBBEAN - Women's entrepreneurship advances in the SICA Region
Thanks to the Regional Programme for the Promotion of Women's Entrepreneurship - Phase II, the women's entrepreneurship model has progressed in its adoption across the eight countries of the SICA region.
Through a comprehensive approach designed to foster both the growth and consolidation of women-led businesses in the SICA region, the program prioritised the provision of business services to strengthen their capacity to scale their businesses and enhance their economic autonomy. Additionally, the Regional Women's Entrepreneurship Program made significant efforts to coordinate the MSME ecosystem to jointly work on women's entrepreneurship initiatives and strengthened the institutional capacities of Cenpromype and the ecosystem to provide better business and financial development services to women entrepreneurs in the region.
Tangible results for women's entrepreneurship
On March 14, Cenpromype, the Regional Center for the Promotion of MSMEs, with the support of the Grand Duchy of Luxembourg and LuxDev, held the closing seminar of the Regional Programme for the Promotion of Women's Entrepreneurship - Phase II, where the main achievements in women's entrepreneurship through this program were presented.
Among the program's key achievements, more than a thousand women entrepreneurs received business development services, with 14% of them advancing to the maturity stage — meaning they are entering new markets and adopting sustainable and gender-equal business practices. Additionally, 70% of supported businesses have successfully consolidated, maintaining or even increasing their revenues, which is a strong indicator of success.
The programme has also had a significant impact on networking and the organisation of women entrepreneurs. The creation of the Women and MSME Agenda, the Regional Women's Entrepreneurship Strategy, and the support for the foundation of Latin America's first federation of women entrepreneurs, FOMECARD, are key milestones that strengthen women's voices in the business sector.
Access to financing and diversification of initiatives
Regarding access to financing, women entrepreneurs have seen a 34% increase in the average amount of funding obtained, enabling them to expand their businesses. Furthermore, 169 business ideas in STEM fields have been presented, marking a significant step toward diversifying entrepreneurship in sectors where women have been underrepresented in the labor market.
Through the Regional Programme for the Promotion of Women's Entrepreneurship - Phase II, employment creation has been fostered, with 320 new jobs generated despite the pandemic context. Moreover, sustainable practices have been promoted, with 86% of women entrepreneurs adopting environmentally friendly measures.
Finally, it is encouraging to see that, according to programme exit surveys, 90% of participants are satisfied with the services received, and 96% have observed significant improvements in key areas of their businesses. This demonstrates that the program is not only helping women entrepreneurs grow but also empowering them to make more informed and strategic decisions.
The Regional Programme for the Promotion of Women's Entrepreneurship - Phase II is funded by the Grand Duchy of Luxembourg and implemented by LuxDev, the Luxembourg Development Cooperation Agency, and Cenpromype.
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