Scotiabank Women Initiative exceeds $3 billion support target

 

Scotia Group Jamaica says its Women Initiative has already exceeded the $3 billion support target.

 

The programme, launched almost three years ago, aims to provide financing for women-led businesses, and provide mentorship for beneficiaries.

 

Speaking at a Scotiabank Women Initiative event in St. James this week, President and CEO of Scotia Group, Audrey Tugwell Henry, said the facility bridges a major support gap for women in business. 

 

"We set a three-year target to deploy $3 billion in capital to woman-led businesses, and that timeframe should end January 2025. And it was very bold. But I am very proud to say today that we have already disbursed $3 billion. We are ahead of target. And so we have the opportunity to witness first-hand the value of access to capital to help women to grow and scale their business," she touted. 

 

Mrs. Tugwell Henry said a diverse set of businesses are supported. 

 

"We have women leading in technology, in retail, in tourism, in manufacturing, and in education. We are very encouraged by the many sectors that SWI has been able to support. And this is a testament to the vibrant business industry that exists locally and the broad sphere of influence that Jamaican businesswomen have."

 

She said the success proves that "when we invest in women and women-led businesses, the entire community benefits and so does the entire Jamaica. Studies consistently show that women reinvest up to 90 per cent of the income back into their businesses, their communities, and their families."