September 6th, 2023 – Did you know that 80% of women-owned businesses (WOBs) with credit needs are either unserved or underserved? The credit gap for women-led small and mid-sized enterprises amounts to a staggering $1.5 trillion, hindering economic progress.
Recognizing the urgency of financial inclusion, Moody’s partnered with WEConnect International to facilitate collaboration between small-business owners and financial institutions, ensuring that women entrepreneurs can access the resources they need to thrive.
In a transformative boot camp experience, WEConnect International, the leading global network connecting WOBs with qualified buyers, joined forces with Moody’s, a global risk assessment firm, to conduct the “Financing Your Growing Business Boot Camp.”
“At Moody’s, we believe that empowering inclusion and resilience fuels a more prosperous future. Our program with WEConnect International was created with this purpose in mind as we focus on expanding access to credit, markets and capital for women entrepreneurs and small business owners. Together, we’re helping participants to grow their enterprises and ultimately build more inclusive economies.” – Jennifer Stula Rivera, SVP-Global Head of Community Impact, Moody’s.
This visionary initiative equipped women business leaders with essential financial skills, global networks, and access to new markets. Since its inception in 2019, the boot camp has delivered a profound impact, fostering long-term financial sustainability of women-owned businesses in key global markets. The comprehensive curriculum focused on vital areas of business growth like capital planning, financial management, creditworthiness, and pitching your business.
“Women business owners must gain access to credit, markets and capital to grow their enterprises,” said Sabrina Goicoechea, SVP-Procurement and Sourcing Operations and Analytics, Moody’s and WEConnect International Board member. “Our joint program is empowering participants with the tools, knowledge and resources they need to capitalize on opportunities for themselves and for their communities.”
The latest impact report of the program speaks volumes about the Boot Camp’s success since 2019. 74% of the participants who responded to the survey reported an average revenue growth of 40%.
The boot camp had a direct impact on participants’ revenue increase, with 26% attributing their growth directly to the program. The Boot Camp’s influence extends beyond revenue growth, driving financial stability and networks. 69% of respondents secured new funding, while 72% expanded their business networks. Additionally, 97% enhanced their knowledge, skills, and capabilities through the boot camp.
“Looking at the Boot Camp data, it’s all very impressive but what stands out to me is seeing that 85% of the respondents who gained new financing and the 79% who gained new connections saw an increase in their revenue. Proving that getting access to new financing and growing business connections takes the businesses to the next level!” Dan Holdredge, Director of Global Training, WEConnect International.
The “Financing Your Growing Business Boot Camp” by WEConnect International and Moody’s has proven to be a game-changer for women entrepreneurs, empowering them to overcome financial barriers and driving economic growth. With the success of the program, WEConnect International and Moody’s remain committed to supporting women-owned businesses and closing the credit gap.
About WEConnect International: WEConnect International is a global network that connects women-owned businesses to qualified buyers around the world. It helps drive money into the hands of women business owners by enabling them to compete in the global marketplace. WEConnect International connects member buyers to women-owned sellers globally, enhances their capabilities to transact business and instills confidence that sellers meet buyers’ standards for women-owned businesses. Learn more at WEConnect International’s website.
About Moody’s: Moody’s is a global risk assessment firm that empowers organizations to make better decisions. Its data, analytical solutions and insights help decision-makers identify opportunities and manage the risks of doing business with others. We believe that greater transparency, more informed decisions, and fair access to information open the door to shared progress. With approximately 14,500 employees in more than 40 countries, Moody’s combines international presence with local expertise and over a century of experience in financial markets. Learn more at moodys.com/about.