Despite her early success, she was denied formal financing in her name and had to rely on her husband's loans to expand her business.
Along the way, Violeta joined CARE's Ignite program and is currently participating in the Strive Women program. Both are supported by the Mastercard Center for Inclusive Growth. The program provided business and financial training as well as marketing opportunities and paved the way for next steps.
Four months ago, after 18 years in a growing business, she finally received an expansion loan in her name.
“Today, it is I, Violeta Pacheco, who can get a loan at the bank,” she says proudly.
According to the United Nations, MSMEs account for 90 percent of businesses, 60 to 70 percent of employment, and 50 percent of gross domestic product worldwide.
However, a study by the World Economic Forum estimates that the financial gap for women in MSMEs totals $1.7 trillion. However, women entrepreneurs own 22 percent of micro enterprises and 32 percent of small businesses.
It's clear that initiatives like savings groups and the Strive Women program are important, but they need to be scaled up to reach the 2.4 billion women around the world who don't have the same economic rights as men.
Success and outdated thinking
Hildred Calle Barrientos of Marangani, Peru is more than just a small business owner, she is the third generation of her company. Hildred, 32, now takes over Margaritas de Marangani, a textile business run by her mother and grandmother in the Andes Mountains, and she uses an ancient method of weaving textiles from alpacas to represent the region. I am creating a design to
