Three budding women entrepreneurs won funding to advance their businesses through the Gender Lens Investment Showcase held by New Faces New Voices in collaboration with the USAID Hub in Dar es Salaam, Tanzania.
Salome, who emerged top, hopes to scale up her butchery production and increase her market share from the current 32 percent to 55 percent. Installing new modern machinery, increasing hiring additional staff and purchasing two refrigerated distribution vans are among the plans that she has to scale up.
USAID Hub has identified access to finance as a major constraint for micro, small, medium and even large female-owned and/or -led businesses in its three years of operation. This can be attributed to the investment community’s low level of awareness of high-potential, scalable and profitable female-owned and/or -led business that are ready for investment. Additionally, a number of promising female entrepreneurs and/or business leaders lack the opportunity to engage with the investor community, especially those focused on investing in female-owned and/or -led businesses.
Gender lens investing is the practice of funding women-owned businesses that have a proven track record of employing women and/or help to improve the lives of women and girls with their services and products. The Gender Lens Showcase contributed significantly to the USAID Hub’s work in promoting investments for female-owned and/or -led businesses in Tanzania.