ATLANTA, July 24, 2024— CARE is now a global signatory to the Women Entrepreneurs Finance Code (WE Finance Code), the latest initiative aimed at driving systemic change within the financial environment to close the gender finance gap. By joining, CARE is committed to advocating for women-led businesses and working to close the funding gap for women entrepreneurs.
Women entrepreneurs face significant barriers to reaching their full potential. It is estimated that the 400 million female entrepreneurs worldwide have $1.7 trillion in unmet financial needs. However small businesses play a major role in the economy and women borrowers are part of the customer strategy for banks and fintechs.
“We have seen the power of designing with women to improve access to finance, and CARE is pleased to join the WE Finance Code to strengthen these efforts,” said Rathi Mani-Kandt, Director, CARE Women’s Business and Financial Inclusion. “Sex-disaggregated data is the first step in understanding the opportunities and gaps for women in small businesses. We aim to make marketing systems work for women by working with financial service providers who are willing to design and serve business women.”
Changing financial products with a women-oriented design gives banks an opportunity to meet the needs of women. The Strive Women program, implemented by CARE and supported by Mastercard’s Center for Inclusive Growth, works with local banks to do just that, whether it’s flexible loan repayment options, removing barriers for of signatories, lack of land or other security, to allow references. instead of old credit history, or including health insurance. CARE’s program to improve access to and gender-inclusive financing has unlocked $150M+ in loans for small businesses.
“As the WE Finance Code continues to grow, we are pleased to have CARE join as a Global Signatory to advocate for equity through a local and global network. This partnership will deepen the transformation of management and supporting women entrepreneurs around the world,” it said Wendy Teleki, Head of Women Entrepreneurs Finance Initiative (We-Fi) World Bank Secretariat.
The WE Finance Code (the Code), connected by We-Fi, is a global, multi-stakeholder initiative that drives commitment and actionable change around gender-inclusive finance. It provides a comprehensive framework for financial institutions and stakeholders, guiding them to practices that enhance access to finance, resources, and support for women-led businesses in developing countries.
As part of this commitment, CARE will appoint a senior leader to lead our efforts to support women-led businesses and encourage others to join the cause. CARE will encourage partners to expand the availability and use of supply-side data on the level of funding provided to women-led firms. CARE, together with partners, will develop new financial products and services to support women entrepreneurs, set goals and increase capital.
About CARE
Founded in 1945 with the creation of the CARE Package®, CARE is the world’s leading charity fighting poverty. CARE focuses on working with women and girls. Armed with the right tools, women and girls have the power to lift entire families and communities out of poverty. By 2023, CARE has worked in 109 countries, reaching 167 million people through more than 1,600 projects. To learn more, visit www.care.org
About the WE Finance Code
The Women Entrepreneurs Finance Code (The WE Finance Code or, simply, the Code) is a commitment by financial service providers, regulators, development banks, and other regional finance players to work together to increase funding given to young, small and women-led. medium enterprises (WMSMEs) around the world, so that they can grow and add value to their economies and communities. Officially launched in October 2023 at the World Bank – IMF Annual Meetings in Marrakech, the WE Finance Code will be piloted in 24 countries around the world. To learn more, visit www.wefinancecode.org.
For media inquiries, please contact:
usa.media@care.org and Lucie Cregeur, CARE
Sean Ding, We-Fi Secretariat
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