Give women business owners greater access to finance, says Mandeville hotelier
Co-owner of Golf View Hotel in Mandeville Kemilee Mclymont is turning the spotlight on the perennial issue of access to capital for women in business. Pointing to this year’s International Women’s Day theme, ‘Give to Gain’, and the March History Month theme, ‘Leading the change: Women shaping a sustainable future’, Mclymont says women need greater access to affordable financing if they are to play leadership roles in sustainable development.
According to data from the Inter-American Development Bank, 40 per cent of Jamaican small and medium-sized firms say barriers to credit access is a major constraint to their operations; while Planning Institute of Jamaica 2023 data indicates that 80 per cent of women entrepreneurs reported difficulty accessing credit.
“This is my lived experience. We talk about giving to gain; well, if women entrepreneurs can’t get adequate financing to fund their businesses, how is society going to gain? Women make up a huge percentage of MSMEs in this country, so we are at the heart of what’s driving the economy.
I have been in business since 2009 and my experience with commercial banks has oftentimes been stressful, even if you are a salaried employee, it’s like pulling teeth, moreover when you are self-employed,” said Mclymont, who runs the hotel with her husband. “Yes, we have seen efforts by some institutions to make provisions for women, but more needs to be done.”
The hotelier, who is also an attorney-at-law, is among the first group of women business owners to benefit from Herizon, an initiative from Access Financial Services designed to provide loan support for women business owners.
Partner in the firm PeterMc & Associates, which has been in business for more than 16 years, with offices in Kingston, May Pen, and Mandeville, Mclymont says the Herizon loan has positioned the law practice for even further growth.
“I’ve always had an entrepreneurial mindset, even when I was working in corporate. But running a business is tough. Cost is a big factor, staffing, finding the right clientèle, it’s not easy. But with the right support, you can survive and even thrive,” she stressed.
Mclymont believes that with more options, women business owners will grow and become greater enablers for national development. Having made what she described as some very strategic moves in her professional career and entrepreneurial journey, Mclymont is encouraging women to be persistent in the pursuit of their goals despite the challenges that may be encountered.
“I remember deciding to leave my job and enter private practice. It was a daunting move, leaving the certainty of income and the comforts of the benefits that came with a full-time job to venture into a realm fraught with uncertainty. Of course, I was unsure even scared at times and discouraged by many. But I developed a business strategy and saw it through and each day I continue to refine and work on my businesses. Wherever you find a barrier, even if it’s within, you have to do what it takes to master it.“
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