Scotia Women Initiative Doubles Loan Fund to $6B to Tackle Jamaica's Gender Wealth Gap

• Scotia Women Initiative has doubled its loan facility to $6B to finance Jamaican women entrepreneurs.
• Study calls for financial literacy to empower women to bridge income and wealth disparities.

Jamaican women get only 61 cents for each dollar that men earn, a difference that Scotia Women Initiative (SWI) is working to eliminate through greater access to capital, financial knowledge and advisory services.

To counter ongoing systemic impediments, the SWI has increased its loan facility for female entrepreneurs twofold to $6 billion from $3 billion. The program, initiated by Scotiabank, aims to empower women towards financial independence and economic empowerment.

Gender wealth gap statistics were unveiled at the recent SWI, which convened a combination of women business owners and Scotia investment and insurance advisors in Mandeville for an empowering evening of networking under the theme 'Mastering Yourself to Build A Secure Future'.

Organized by the Caribbean Policy Research Institute (CAPRI), the study further “identified obstacles to women leadership in Jamaica, such as scarce high-paying employment and monetary opportunities.” These are barriers that increase the gender wealth gap, Yvett Anderson, retail banking head informed the delegates.

The impact of this disparity, particularly among business leaders, has profound effects on families, communities, and the country, she cautioned.

She stated, “When women earn significantly less than men, it limits their ability to invest and contribute to economic expansion. The inter-generational impact [also] means that women have less resources to invest in their children’s education and wellbeing, perpetuating cycles on instability across generations.”

The CAPRI research team recommended giving women access to financial education so that they can make sound investment choices regarding saving and wealth-building and investment and asset holding.

Moreover, Yvett added, “When you understand how to buy stocks or property, it takes your investments to the next level, [instead] of just having money in your savings account.”