Women entrepreneurs face significant barriers to accessing financing and credit to grow their businesses.

British High Commissioner to Fiji, Dr Brian Jones, speaking at the iSoqosoqo Vakamarama iTaukei centenary celebrations in Suva this morning, highlighted the systemic challenges facing businesswomen in the economic landscape of Fiji.

Dr Jones highlighted the results of an Asian government survey, which reveals a harsh reality for women-owned micro, small and medium-sized businesses.

“The unmet demand for funding for women in business in Fiji is approximately $110 million per year. Few manage to get money to start their business. And this shows us that it’s not just about good ideas, nor about how to create wealth. It is also about supporting the foundations of global creation.

According to the survey, women-led businesses are 2.5 times more likely to have their loan applications rejected than their male counterparts.

Dr Jones says financial literacy is important and there needs to be more support for girls’ business education from a young age. She also called for a stronger female presence in the banking sector.

The High Commissioner also says there is a need for greater government support and that organizations that focus on creating wealth and economic opportunities in local communities take a more active role in empowering women.