Women entrepreneurs seek easy access to loans, info 

Challenges such as difficulty in obtaining large loans, lack of information about new markets, and inadequate advanced training hinder the progress of women entrepreneurs, as pointed out in a seminar today.

Additionally, women entrepreneurs and business leaders have called for a focus on enhancing the technical and administrative skills of women to foster entrepreneurship.

"If an entrepreneur applies for a loan from the bank, they have to provide a bank statement of Tk1 crore. Secondly, we have to provide at least four guarantors who are blood relatives," Taslima Siddik Ratna, president of the Pickles Manufacturers and Merchants Association of Bangladesh, said at the seminar organised by the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).

"For those who have a stock of products, they have to show products worth Tk10 lakh. In addition, four more guarantors have to be provided. The borrower must also own a house or land in the area where the loan is taken. This is the plight faced by our women entrepreneurs, and I have personally encountered this problem myself," she also said at the discussion titled "Supportive Ecosystem for Women Entrepreneurs and Professionals" held at the FBCCI office.

State Minister for Women and Children Affairs Simeen Hussain and FBCCI President Mahbubul Alam also spoke on the occasion.

Kakoly Talokder, president of the E-commerce Development Centre, said most women entrepreneurs involved in e-commerce businesses either lack a website or do not possess a credit licence.

"Especially the women entrepreneurs outside Dhaka lack knowledge in this area. Can FBCCI take the initiative to provide education on essential business aspects such as obtaining a trade license? They should offer comprehensive training on how to fulfill VAT and tax obligations," she demanded.

Women entrepreneur Ahmatun Shilpi highlighted the challenges faced by those working in small and medium industries in accessing business information. She called for steps to ensure that necessary information reaches small entrepreneurs.

"To obtain a Tk50 lakh collateral-free bank loan, recommendations from two entrepreneurs are required. Where will a woman entrepreneur find these recommendations? It is difficult to find such recommenders to secure a bank loan," she added.

FBCCI's former first vice president Monowara Hakim Ali said, "As Ramadan approaches, VAT-tax collectors will visit houses and start pressuring individuals, by saying pay tax, pay VAT, pay this, pay that. Girls who are not even engaged in business suffer setbacks due to the actions of these collectors."

Farha Mahmud Trina, focal point at the Investment E-commerce Association of Bangladesh Women's Forum, emphasised the need for women entrepreneurs to easily obtain the licenses required for exporting products.

She highlighted the challenges faced in this aspect, stating, "Many fairs are held in foreign countries, and an orientation is needed on what products to take and how to attend these events."

In a keynote paper presentation, Shahmina Mannan, gender specialist at the USAID Feed the Future Bangladesh Trade Activity, highlighted the recently released Global Gender Gap Report 2023 by the World Economic Forum (WEF).

She said, in terms of women's participation in politics, Bangladesh ranks seventh among 146 countries in the world, but Bangladesh ranks 122nd, 126th, and 139th in education, health, and economic activity indicators, respectively.

In such a situation, Women and Children Affairs Secretary Nazma Mobarek emphasised women's participation and development in politics as well as other indicators.

She mentioned the annual Gender Gap Report published by the World Economic Forum, where Bangladesh ranks 59th globally. "Here, we have made some progress as we are seventh in the world in terms of political empowerment," she emphasised.

"But we have observed that Bangladesh ranks 139th out of 146 countries in terms of economic empowerment, 122nd in education, and 126th in health. Women's empowerment cannot be solely equated with political empowerment; it lags behind in the other three indicators. Here, we need to prioritise and give considerable importance," she added.

Shomi Kaiser, president of the e-Commerce Association of Bangladesh, mentioned "Tottho Apa" – a portal aiming to provide necessary information and resources to women and children to keep them informed and empowered – as a valuable resource for women.

"It needs to be further overhauled to ensure that entrepreneurs can access the necessary information. This will help women entrepreneurs acquire the information they need," she added.

Patuakhali Women's Chamber of Commerce and Industry President Ismat Jerin Khan said women undergo significant stress while managing a business. They are tasked with balancing their business, family, and in-laws' households, necessitating mental health counselling.

She advocated for the introduction of mental health counselling arrangements in all chambers and offices of FBCCI across the country.

State Minister for Women and Children Affairs Simeen Hussain said the government has initiated specialised training in women's skill development. She emphasised that a country's development is not achievable by marginalising women.

"The Ministry of Women and Child Affairs has prioritized the development of the technical and vocational skills of women in line with the government's directives. Consequently, plans have been formulated to enhance women's skills and capabilities in non-traditional sectors," she said.

Fahmida Khatun, Executive Director of the Center for Policy Dialogue, who participated in the seminar, highlighted the substantial income gap between women and men. She underscored the importance of increasing investment in women's skill development, especially in light of the fourth industrial revolution.