Women Entrepreneurs Driving Jamaica’s Economic Growth

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Across Jamaica, women are steadily charting their own paths to economic success, turning small ideas into sustainable enterprises that support families, and becoming key drivers of economic growth and social development.

Pursuing a range of enterprises, including stores, beauty salons, restaurants and garment manufacturing, female entrepreneurs, many of whom operate from home, are creating employment opportunities within their communities and reinforcing the sector’s importance to national productivity.

According to the International Labour Organization in its 2021 Women’s Entrepreneurship Development Assessment: Jamaica, women in Jamaica account for 65 per cent of all self-employed women across the Caribbean. More than 30 per cent of survey respondents operated as micro-entrepreneurs, employing two to three workers, while a further 17 per cent managed small businesses with teams of five to 10 or more employees. The survey results also revealed that 52 per cent of respondents started their businesses to gain the freedom of being their own boss.

A Vehicle for Independence

Gillian Hyde, deputy managing director, JN Bank, noted that women have consistently demonstrated strong entrepreneurial drive and financial discipline, making them an essential part of the microbusiness in Jamaica.

“Women dominate the microfinance space, as approximately 70 per cent of loans issued through the JN Bank Small Business Loans portfolio are accessed by women,” she disclosed.

“For many women, entrepreneurship has become a powerful vehicle for independence, providing a pathway to financial stability and the ability to make meaningful decisions for themselves and their families. It also offers an opportunity to build something of their own, create employment for others, and contribute to the development of their communities,” she said.

She noted that over the years, JN Bank, through its Small Business Loans Division, has created opportunities for women to access flexible loan products, enabling them to formalise and expand their operations, particularly those who may otherwise face challenges securing financing through traditional channels.

“Access to financing has consistently enabled women to grow and sustain their businesses, with many ventures evolving from small beginnings into stable, income-generating operations,” Mrs Hyde pointed out adding that female entrepreneurs have strong track record in managing and repaying loans.