Most women rely on their personal savings as the primary source of funding when starting a business. Agriculture, the services sector, and manufacturing are the most popular fields chosen by women, as these require lower initial investments. These findings were shared during a survey presented at the "Finance for Her - Creating Opportunities for Financial Inclusion" conference, supported by UN Women Moldova, IPN reports.
According to the survey conducted by UN Women, other financial sources utilized by women to start businesses include non-repayable grants, traditional loans, family or friend support, and microfinance institution loans.
The grants accessed by women range from 10,000 to nearly 3 million Moldovan lei.
The survey reveals that 58.5% of women face challenges when considering starting a business. The main obstacles include lack of information, insufficient co-financing opportunities, lack of required collateral, bureaucratic hurdles, and gender-based discrimination.
Women in rural areas are most affected by the lack of information about access to financing. Most women from villages are unaware of the steps required to apply for non-repayable grants or other funding programs.
