A convergence of challenges makes it harder for women in the creative space to access funding that could allow them to earn and employ others as entrepreneurs, three women financiers agreed recently.
They were panellists dissecting the topic ‘Fund Her’, one of the featured segments in this year’s return of the Women in Theatre Festival, organised by theatre and media expert, Dahlia Harris. The event was held at the Little Theatre in St Andrew on March 24 and moderated by veteran theatre practitioner and broadcaster, Fae Ellington.
“In the creative field, traditionally it’s not a field that is recognised as one of those income earners or that you earn a lot, and then culturally as a woman that impacts as well,” argued Sharon Smith, head of business banking at JN Bank. “We know that culturally in Jamaica and in the world, women tend to [receive] lower salaries,” she continued, “so usually a woman is starting out behind the [eight] ball, because already she is earning less than her male counterpart.”
Add the responsibilities women are traditionally expected to undertake, and it further complicates the challenges women creatives face she said, plus “the other thing that the studies show time and again, is our inability as women to network… So, all of those things [make it harder for women to access financing],” the experienced banker underscored.
Her perspective was supported by her fellow financier from the Development Bank of Jamaica (DBJ), Nickesha Barrett, relationship executive at the DBJ, who added that many women find it difficult to network because they are occupied with the role as caregiver, although they work.
“We may not be able to go to do the networking after [work] because we have to rush home to the family and the children- make sure everybody does homework and ensure the meal is cooked. So often you may find that we are not as social as the men who will go out and have a drink,” she opined.
But she acknowledged that women are becoming bolder, more assertive and creative about networking and connecting, confirming a point made earlier by Sagicor’s, Nicola Speid Morgan, manager of SME business banking. But Mrs Speid Morgan noted that although women are becoming empowered, they continue to face difficulty accessing funding.
Theatre practitioner, media expert and businesswoman, Dahlia Harris (right) and Nickesha Barrett (centre), relationship executive at the Development Bank of Jamaica, listen keenly as of Sharon Smith (left), head of business banking at JN Bank makes a point ahead of the panel discussion ‘Fund Her’ at the Women in Theatre Festival held at the Little Theatre in St Andrew on March 24.
“They can’t get persons to invest in their businesses. Why? It’s because sometimes persons don’t think that we have the skillset, or back [in time] they used to say women can’t run businesses and manage a family. But we have proven them wrong and have shown them that we can do both,” she declared.
Notwithstanding the changing attitudes, women often must perform a very careful balancing act, she noted. She urged them to assert themselves, even if they are criticised and described as “aggressive” for doing so.
“You have to be out there, be determined, be strong for you to get your message out there as a woman,” she emphasised.
The panellists urged aspiring female entrepreneurs and women already in business to seize opportunities and information, counselling those in the creative field to learn about the business and the industry and not to only rely on their talents to get ahead. By conducting the necessary research and networking, women, and creatives in general, can learn more about how to value their products and services. They will also gain a better understanding of the financing options available to them and how to secure the capital, even when they don’t have the assets to do so, as the DBJ can assist.
For her part, Ms Smith outlined that many networking events and workshops are being targeted to and created for women, especially during months such as International Women’s Month observed in March.
“Seize the opportunities. Do the research. Get the information…. As a creative person you can’t just focus on your craft. You have to look for all the support that will make that craft [a viable business],” she said, to which moderator, Fae Ellington responded by reminding the audience of mainly women in the creative and performing arts that agencies, such as the Jamaica Business Development Centre, also put on various workshops that cover the basics of business which are free of charge or inexpensive.
Both Ms Smith and Mrs Speid Morgan also highlighted that their companies provide opportunities through their SME Business Resource Centre and JN Financial Academy, which provide training in business-specific areas and financial literacy free of charge to aid customers and clients with sharpening their financial acumen and skillset.
