NEW YORK — Financial exclusion is a common reality for many women in emerging markets. About 70% of women who own small- and medium-sized enterprises in low- and middle-income countries cannot access the finance they need, according to the World Bank.
The Goldman Sachs Foundation wants to change this dynamic through its partnership with the International Finance Corporation and through its “10,000 Women” initiative, which now aims to give more than 100,000 women entrepreneurs greater access to finance.
“Coming into it a lot of people thought, ‘Maybe they will be a lesser value credit, maybe it will take longer for them to pay it back, maybe they will default at higher rates,’” said Asahi Pompey, president at the Goldman Sachs Foundation.