Women are being empowered and working in the economy today. However, it is still not easy for them to enter the workforce. And this is because they have fewer resources and opportunities to start a business than men do.
The International Finance Corporation (IFC) and Social and Mobile Banking Corporation (SMBC) are pioneering efforts that aim to help Indonesian women MSMEs gain access to finance, such as loan guarantees, risk management, credit analyses and training.
Both IFC and SMBC will work with Women’s Entrepreneurship Network Indonesia (WENI) on this project. The project will focus on providing financial services for small-scale women enterprises which could be micro-entrepreneurs or small-scale entrepreneurs that provide basic necessities in the market.
The Indonesian Women Microfinancing Consortium (WiMC) is a consortium of Indonesian men and women, who are looking to provide financial services to women’s small and medium enterprise in Indonesia.
The IFC has been supporting the development of SMBC through its technical support, project management, and financial advisory services. In addition to these supports, the IFC also financially supports the SMBC through a partnership that enables the SMBC to tap into an international network of participants that covers all types of business sectors and activities.
While IFC, SMBC has been facilitating financial services for large enterprises, they have recently partnered with the Ministry of Women’s Empowerment and Child Protection (KPPP) and Bank Indonesia to provide assistance to women’s empowerment initiatives.
The aim of the program is to help women-owned small and medium-sized enterprises (MSME) around the country, who are often underserved by banks.
The International Finance Corporation (IFC) and the Solidarity Movement of Business Community (SMBC) are organizations that are committed to helping women run their businesses by providing access to the capital markets with a plan to align economic empowerment with national development.
The SMBC has provided loans and grants worth US$14 million for 833 small and medium-sized enterprises (SMEs) in Indonesia. The IFC has also helped 9,000 rural women in Indonesia by providing them with access to financing and advisory services in the area of marketing, financial planning, business development, supplier management etc.
In order to help these Indonesian women develop their business skills, they have started an accelerator program that helps entrepreneurs create effective business plans using their SMB’s products or services.
The International Finance Corporation (IFC) is a member of the World Bank Group and has been providing financial support to women entrepreneurs in Indonesia since 2004. The Small Micro, Medium and Big Business Corporation (SMBC) is an Indonesian-based business promotion institution that seeks to empower small businesses by providing support services such as trade marketing, access to international markets, social inclusion programs and human capital development.
What can IFC do for Indonesia’s MSMEs?
IFC has provided funding for SMBC programs which have had positive effects on MSMEs. The SMBC has also helped increase their access to international markets and visa regulations have made it easier for the Indonesian economy.
What can SMBC do for Indonesian women?
The SMBC provides entrepreneurship training and services such as marketing, logistics and finance in order to help them grow their businesses. Plus, they provide support on topics such as social inclusion programs which contributes towards higher productivity from these women entrepreneurs.
The IFC and SMBC were two organizations that were established to help improve the livelihood of women in Indonesia. They are designed to help women-owned, woman-led, and woman-focused businesses.
Indonesian women have a huge need for financial support and services that can help them achieve their goals. With these organizations as a foundation, there is hope for the future of Indonesian women’s financial situation.