As COVID-19 has continued to alter the lives of people around the world, we at FINCA International remain committed to the FINCA Emergency Response Fund (FERF) and help clients recover from COVID-19’s economic devastation. Though the effects of the virus are not isolated to a single group, women – who make up the majority of the 2 billion people in the world who are financially excluded – are those that are feeling the effects the hardest. Women are not only being faced with the hits to the economy, but they take on increased roles in the home in many cases as children are unable to attend school.
While many women run small businesses, and are often the main earners in their families, it is imperative that women receive financial support. As FINCA disseminated information about the FINCA Emergency Relief Fund through our network, The International Alliance for Women (TIAW), our partner for the past 20 years, saw an opportunity to have an immediate impact during a time of crisis and decided to partner with us in our fundraising efforts.
A Unified Partnership
TIAW partners with organizations like FINCA to bring microfinance to women around the world with the belief that when you give a leg up to a woman you are not only supporting them, but you also lift up her family and greater community as well. When thinking about women’s recovery and economic empowerment, TIAW members agree that if given the right support: “women will lead the global economic recovery and emerge stronger and better prepared to confront the challenges of systemic inequality in the future.” Members of TIAW are working together to bring microfinance loans and financial literacy to women around the world, with work towards women’s empowerment and making the world a better place.
FINCA has seen in many areas that women are an essential part of our microfinance clients. In Guatemala, Haiti, and Jordanian subsidiaries, women make up more than 80% of the client base. As has been historically seen, women and men interact with financial services in different manners, and if they are able to address the unique needs of women, they generally stay with financial institutions longer and are wonderful clients when it comes to credit quality. This creates a positive outcome in both social impact and financial health.
TIAW wanted to share this message with female entrepreneurs throughout the world: “To our fellow female entrepreneurs: keep focused on your goals and don’t let setbacks derail you; trust your instincts and don’t second-guess yourself; and be sure to make time in your busy lives for self-care. Remember, your inner strength and commitment to your work are your most valuable resources!”
If you would like to join FINCA and TIAW in helping those most affected by COVID-19 in their recovery, you can donate here.