LocationsThe Power of Entrepreneurship: Women Transforming the Region with Courage and Vision
April 16, 2025
Micro, Small and Medium-sized Enterprises (MSMEs) are the engine of the economies of Latin America and the Caribbean, representing more than 99.5% of the formal business fabric of the region. Almost nine out of ten belong to the category of microenterprises, which generate approximately 60% of formal productive employment (OECD, 2024). These companies play a fundamental role in reducing poverty, fighting inequality, and generating decent and sustainable work environments.
Despite their importance, MSMEs are characterized by relatively low levels of productivity, which is reflected in a modest contribution to the Gross Domestic Product (GDP), estimated at around 25% (IDB, 2020). Although essential to boost the region's economies, many operate in contexts of high informality and face structural limitations in access to qualified human talent, infrastructure, management skills, and efficient technologies (ILO, 2022).
A study by the Global Entrepreneurship Monitor (2024) recognized Latin America and the Caribbean as the most entrepreneurial region in the world. In fact, the interest in entrepreneurship is practically the same between men and women, this being the region with the smallest gender gap in intention to undertake globally. This shows a sustained progress towards greater equity in access to entrepreneurship opportunities (Mastercard, 2025).
Although the entrepreneurial ecosystem has a high female representation, since 49% of women in the region have already started their own business, women face specific challenges that limit the growth and sustainability of their ventures. For example, 73% of companies led by women are unable to access the economic resources necessary to promote their development. In addition, they are overrepresented in more precarious sectors within value chains, such as services, domestic work, and food production.
Care responsibilities, mostly assumed by women, also contribute to a time poverty that makes it difficult to scale their businesses. Although there has been progress in financial inclusion, significant gaps still persist: in 2021, only 70% of women owned a bank account, compared to 77% of men, and less than 5% of women who applied for a loan did so for the purpose of starting, operating, or expanding a business (ECLAC, 2024). These data reflect an underutilization of financial services by women entrepreneurs.
All this represents a key opportunity to promote economic development with a human face, placing the gender approach at the center of strategies. To achieve this, it is essential to move towards a recovery under the principle of build back better, through the implementation of comprehensive strategies that simultaneously address the improvement in the supply of financial products and services, the closing of gender gaps, and the digitalization of MSMEs.
The challenges are multiple and the road ahead is still long. However, UNDP, through its different Country Offices, has already been promoting innovative initiatives that, through holistic approaches and articulation with multiple actors, seek to respond to these challenges and contribute to the strengthening of entrepreneurship, especially those led by women, with the firm commitment to leave no one behind.
Peru
Innova tu Mercado is transforming Peru's traditional food markets through a comprehensive initiative to strengthen the competitiveness of businesses – especially those led by women – through the increased use of digital tools, thus boosting local economic growth and development.
The methodology begins with the face-to-face mentoring of young volunteers called Digiamig@s, who provide technical assistance in the use of digital tools such as Zoom, WhatsApp and Artificial Intelligence. Subsequently, the participants receive virtual technical advice at night, led by specialists in digital and business issues. Due to this approach, more than 2,400 merchants, 70% of whom are women over 50 years of age, have increased their digital trust by 70%, covering a total of 40 markets in 7 regions of the country.
Learning about Innovate your Market does not stop at theory: it becomes action. Through the implementation of the "Digital Caser@ Manual" guide, the participants follow a clear route for the digitization of their businesses, with three levels of progress: from a basic digital presence with the creation of content through Canva and AI, to advanced management with catalogs in WhatsApp Business, loyalty strategies in social networks and sales automation.
Thanks to a methodology based on empathy with the user, merchants have become digital experts within their markets, using the tools learned to innovate and propose solutions that benefit their community. Examples of this are the creation of daycare centers that allow for a balance between work and family life, a nutritional recipe book with a Peruvian regional gastronomic focus and zero food waste, artistic murals that strengthen the identity of the market and WiFi zones that facilitate digital commerce.
The empowerment of women merchants has transformed not only their businesses – with increased sales and financial well-being – but also their lives, promoting a culture of learning, innovation, and sisterhood. As Jesús Cachi, a merchant from the Central Market of Cajamarca, puts it: "We are women who train, support and encourage each other. We fight for our goals because we know that anything is possible. Together, we move forward and make our dreams come true."
Thus, Innova tu Mercado is redefining traditional Peruvian commerce. Where before there was a fear of technology, today there are thousands of women who see digital as a real opportunity to grow, connect and inspire others.
Jamaica
In Jamaica, UNDP has launched a gender-responsive economic recovery initiative in response to the impact of Hurricane Beryl, which disproportionately affected women entrepreneurs, particularly those with disabilities. The emergency exposed structural gender inequalities, such as limited access to financial resources, lack of planning for business continuity, and the absence of economic resilience mechanisms for women-led businesses. In this context, a comprehensive intervention was designed to ensure the incorporation of the gender perspective in post-disaster response and recovery to respond to these challenges.
Through strategic partnerships with the Bureau of Gender Affairs – the national entity for gender equality – and the Jamaican Network of Rural Women Producers, UNDP provided direct support to 54 rural women entrepreneurs, including 7 women with disabilities. Beneficiaries included women farmers, shop owners and bars, all belonging to MSMEs led by women who accessed productive inputs, financial assistance and capacity-building opportunities.
The initiative focused on gender-responsive economic recovery and building climate resilience, addressing key issues that directly responded to the needs of women entrepreneurs in crisis contexts. Work was done to strengthen economic resilience and business recovery, providing entrepreneurs with productive inputs and financial support necessary to reestablish their businesses and ensure their sustainability over time. This assistance enabled women to maintain their sources of income, recover their operations and plan their growth more securely. Additionally, preparedness for climate disasters was addressed, where the training modules integrated the gender approach and the inclusion of people with disabilities, offering practical tools to entrepreneurs to face systemic vulnerabilities and improve response and recovery capacities after extreme events. Content included topics such as mental health and emotional resilience, financial budgeting for recovery, marketing strategies and brand positioning, as well as techniques for customer loyalty. Finally, the initiative strategically aligned with Jamaica's National Policy for Gender Equality, promoting coherence with existing public policies and ensuring the sustainability of efforts in the long term.
As part of its inclusive approach, UNDP also considered the dual role of women as caregivers and economic agents. To facilitate their active participation, mothers attending the capacity-building sessions were allowed to attend accompanied by their children, minimizing interruptions in their care responsibilities and promoting effective participation, especially among women in rural areas.
The initiative significantly strengthened the capacity of women entrepreneurs to implement gender-responsive and resilient business strategies in the face of crises. Through access to tools, training and technical support, participants were able to not only recover their livelihoods, but also improve their resilience and long-term sustainability. By integrating gender mainstreaming into disaster recovery frameworks, the intervention contributed to both immediate relief and building future resilience. This approach made it possible to address the specific needs of women entrepreneurs, making visible their role in the economic and social reconstruction of their communities. Likewise, the strengthening of institutional alliances facilitated a more coordinated and effective response, focused on gender equity. Thanks to this holistic articulation, it was ensured that women in rural areas and those with disabilities are not left behind.
Honduras
Micro, Small and Medium-sized Enterprises in Honduras represent 95% of the business fabric and account for 70% of the economically active population, being the main source of income and employment for thousands of households nationwide. However, MSMEs face multiple challenges, from the low capacity to respond to changes in the domestic and foreign markets, to limited access to financing and training opportunities. Added to this are the impacts of various economic and social shocks that have deeply affected this sector in recent years.
In this context, IMPULSOHN was born, an initiative supported by the Ministry of Economic Development (SDE), which seeks to strengthen the country's productive fabric, providing enterprises with key tools and resources to consolidate and expand their businesses. Through this initiative, the development of capacities, access to knowledge and the generation of real opportunities for ideas to become engines of economic growth are promoted.
One of the fundamental pillars of the initiative is to generate a sense of belonging among entrepreneurs, promoting genuine identification with the project from its initial stages. The aim is for the population to see in this initiative a collective opportunity to transform the economy from the local level, promoting development with a human face. Through the program, the participants have received seed capital, access to new markets through participation in international fairs, and a series of specialized trainings that address key topics such as advertising on social networks, value proposition, customer service, digitalization of businesses, reconciliation between home and business, preparation of an elevator pitch, and innovation workshops. Likewise, the alignment of the enterprises with the Sustainable Development Goals (SDGs) has been promoted, encouraging business models with positive social and environmental impact.
The promotion of women's economic autonomy is already showing concrete results: 745 women have been trained in the second half of 2024 and 453 women-led enterprises have been supported in the first quarter of 2025, demonstrating how the initiative continues to generate real and sustainable changes.
Looking ahead, IMPULSOHN seeks to continue expanding its impact through concrete and measurable results. It is expected that at least 1,200 microenterprises will be strengthened through access to strategic physical spaces in 17 locations, which will promote their products, increase their visibility and consolidate their participation in local and regional markets, with a projected increase of 20% in sales. In addition, 1,200 microenterprises will receive training and specialized technical assistance to improve their productivity and competitiveness in the market. The project also foresees that at least 150 micro-enterprises will improve their commercial image, increasing their positioning and attractiveness in front of consumers. Finally, by 2025, at least 120 microenterprises will have achieved their legal formalization, thus accessing benefits such as financing, participation in formal markets and new growth opportunities.
