The Women Entrepreneurs Network of the Caribbean (WENC) has been awarded a grant of US$58,500 from the WEAmericas Grant Initiative, a fund administered by the US Department of State, Office of Global Women's Issues. The grant will assist the network in achieving its mandate of increasing the voice, visibility and viability of women-led businesses in the Caribbean through advocacy, training, networking, identifying and sharing best practices and resources to support the entrepreneurship development of its members.
President of WENC Agnes Francis said several challenges confront female entrepreneurs throughout the Caribbean. Research findings from organizations such as the United Nations (UN) and the International Finance Corporation (IFC), indicate that the contribution of women owned businesses to their respective countries is adversely affected by factors such as access to formal networks, lack of mentorship, lack of advocacy and lack of access to funding.
"We are therefore excited about this grant which will help to strengthen and increase the capacity of women businesses throughout the Caribbean," she said.The grant will be used over a one year period from September 2013 to September 2014, with oversight by the Executive of WENC and the US State Department.