Taking Women Entrepreneurs to the Bank in Romania
IFC and Garanti Bank Romania launched a joint report highlighting the importance and impact of increasing access to finance for the country’s women entrepreneurs. “Taking Women Entrepreneurs to the Bank in Romania”, shows the impact of Garanti Bank Romania’s Women SME Banking Program.
Garanti Bank was the first bank to focus on the needs of women-owned SMEs and women entrepreneurs (W-SMEs) in Romania. IFC supported Garanti Bank Romania in expanding its portfolio and strengthening its offering to W-SMEs through a senior loan in 2011. Since then, Garanti Bank has loaned over EUR 145 million to women-owned enterprises as of end-December 2017. To understand the impact of the program, IFC commissioned a survey of W-SMEs in Romania, comprising clients of Garanti Bank Romania as well as clients of other banks. This report analyzes the results of the survey including the financial services received by W-SMEs, and the relationship between the financial services provided and W-SME business performance.
“We have been an active and outspoken supporter of entrepreneurship in general, and of women entrepreneurs in particular. After an ongoing partnership with IFC, currently exceeding seven years, we have amounted significant experience and expertise in terms of gender finance and the importance of women entrepreneurship,” said Ufuk Tandoğan, CEO Garanti Bank Romania in a release. “This new report highlights how women have a significant contribution in all areas of the economy and how they have proven to thrive provided the right support. We are happy and proud to launch this new report’s findings and underlining our long-term commitment to the Romanian business community.”