International Women's Day: Changing the Status Quo
By Pamela Coke-Hamilton, Executive Director, Caribbean Export Development Agency
Mar 6, 2015 - 12:15:19 PM
The following is a commentary by Pamela Coke-Hamilton, Executive Director of the Caribbean Export Development Agency relating to Caribbean women in business, in view of International Women’s Day this weekend on March 8th:
One morning
this week whilst driving my son to school, he asked “Mum, why is it mostly the mums
who drop kids to school in the mornings and do the pick-ups in the afternoon?” I
instinctively responded, “Well the men work…” and then it hit me…I WORK. In
fact the vast majority of the mothers I know also work, and do school pick-ups,
give lessons, ferry the kids to extra curriculum activities, do homework, plan sleep overs and the list
goes on.
What struck me, and left me pondering
on it for the past few days, was the automaticity, the virtual knee-jerk
explanation that I proffered in response to his innocent query. But, I think I have figured out why.
I too have
drunk from the cistern of “what mothers should do, and their role in the
household” and I have come to the realisation that the tragedy is that it seems
as if there is no amount of higher education, professional accomplishments, or
accolades capable of uprooting this ingrained acceptance of gender roles in our
psyche, and which is often manifested in reality.
I was having
a conversation with a colleague about the recent appointment of the new
Senator, Carol Lady Haynes, and the striking photo on the cover of the Nation
News Barbados, mid-stride with her family in tow, looking every inch the
powerful, incredibly accomplished, dynamic and innovative leader that she
is. My colleague, having not seen the
photo, upon seeing it, remarked, “Oh, this is Richie’s wife!” Need I say more?
I believe
that it is critical that we as a region urgently realign perception with
reality. And perhaps that is the
difficult part because it also means that we, as women, are just as much
facilitators of a status quo that maintains traditional roles, while the entire
environment in which we now live has dramatically changed, placing inordinate
demands on women to not only battle it out in the workplace, but also be “Stepford
wives” and “soccer mums”. Surely this
cannot be sustainable
As we celebrate International Women’s Day 2015 on March 8, one
area that is certainly changing the status quo, is the growth of Caribbean women
in business; a fact that cannot be ignored.
Under the 10th European
Development Fund (EDF), which Caribbean Export is currently implementing, the Direct
Assistance Grants Scheme (DAGS) provided funding to 282 regional firms totaling
some €5.8 million, of which
38% were female owned or led. In fact between 2012 and 2014, the funding awarded to female-owned
firms
increased by 54%.
In addition to the DAGS, the Agency also provides special funding
assistance to priority sectors. In 2014, this support was provided to
agro-processing firms to the tune of €197,000. A total of 22 firms were awarded funding, of which
50% were female-owned businesses. This
signifies continuing commitment by Caribbean Export to support women-led
businesses where it matters the most. It is
generally difficult for all small businesses to obtain financing in the current
environment, but women-owned businesses face greater challenges. As a result,
most women start companies using more of their own money, and less capital from
outside investors. Also, women can be more reluctant to apply for loans and are
more likely to expect rejection, and research shows that more than 10% of men
seek external equity financing, versus just 2% of women.
Yet when women are the direct beneficiaries of credit, their repayment
rates are higher in all regions of the world.
The empowerment of women entrepreneurs
has become the focus of global governments within the last few decades. In
fact, it is posited that helping women-owned business is a smart investment as
data from the World Bank, and the World Economic Forum demonstrate that
women-owned businesses can be the tipping point for a global economic comeback.
As we celebrate another International
Women’s Day, let us commit to changing our perspective from the inside out and
in that transformation of our minds, achieve the radical shift that we so
desperately desire.