Author: Verónica Salcedo Fierro, researcher and leader of West Region of FAIR Center of Business School of Tecnológico de Monterrey.
Last July 2023, the National Banking and Securities Commission (CNBV) of Mexico published its fifth volume of CNBV Economic Studies, which contains research on the financial inclusion of companies in the country and its relationship with those led by women. This study was based on data obtained through the National Business Financing Survey (ENAFIN 2021), and it exposes the situation faced by Mexican entrepreneurial women.
Among some of the figures mentioned, is the percentage of access to financing obtained by businesses led by men with respect to those obtained by micro and small businesses owned by women: 38 and 40%, respectively, who requested financing. , only 8 and 11% managed to obtain it, while the rest of these business models achieved financing of 15 and 24% in the same period.
According to the same study, the main reasons why women did not obtain financing through commercial banks were too high interest rates (65%), too many requirements (45%) or poor credit history. (45%), among other reasons. Likewise, the study of Entrepreneurs in a situation of Missing middle and their financing options, prepared by Pro Mujer and the FAIR Center of the Tecnológico de Monterrey Business School, concluded that access is also hindered by the lack of financial education and the lack of flexibility of the requirements. From these data it can be inferred that less than half of the businesses led by women seek to grow from formal credit and resort to other options such as suppliers, family, friends, non-banking financial institutions or crowdfunding, which could generate lower capitalization. for their businesses, higher costs, instability in the injection of capital and the difficulty in creating a credit history.
The image illustrates two professional women shaking hands in an office, symbolizing an agreement or deal. This scene highlights the importance of leadership and professional development in the workplace. It reflects female empowerment and the ability of women to successfully negotiate and close contracts. It is a testament to the growing role of women in leadership positions and their influence in the business world. (Illustrative image Infobae)
Now, why is this sector of the economy relevant? The same study by Pro Mujer and the FAIR Center indicates that micro and small businesses predominate in Latin America; In Mexico they represent 95% of companies and employ 65% of the economically active population. If we also consider that, according to the CNBV, 43% of the total of these companies are led by women, this issue is especially relevant, since a lower participation of these in formal financing would generate an economic lag and an imbalance between opportunities. economic benefits offered to women and men.
Thus, the CNBV proposes that for women's businesses to have access to financing, they must first be integrated into the financial sector, since it has been seen that people who have a financial product before starting their business will be more likely to seek to obtain a formal financing. In this sense, the results suggest carrying out financial inclusion activities such as simplifying the requirements and making the minimum age of companies more flexible so that they are subject to credit, as well as promoting the acceptance of card payments and the use of business insurance.
The photograph shows women working together in front of a computer in an office, highlighting their role as leaders and members of a team. It represents the importance of collaboration and professional employment in the modern workplace. These women symbolize strength and leadership ability, demonstrating how teamwork can lead to success in any project or company.
In addition, it is necessary to develop financial education programs or workshops on products and institutions on the subject, as well as topics related to financial planning and administration through the use of budgets, proper debt management, the culture of savings, etc. These measures could generate greater participation of women in both the productive and financial sectors, and would generally achieve a greater contribution to the country's economic growth. The World Economic Forum (WEF) has established that if more women in Mexico participated in formal economic activities, by 2030 the GDP could be 15% higher than in 2020, so it is necessary to take actions to reduce gender inequalities.