New program will focus on women as it aims to reach 6 million entrepreneurs in key regions, including APEC economies of Peru and Vietnam
PHOTO: CARE International in Pakistan
SAN FRANCISCO (November 16, 2023) — At the APEC CEO Summit today, Mastercard’s Center for Inclusive Growth (the Center) and CARE, an international humanitarian organization, announced the launch of Mastercard Strive Women — a new program that aims to strengthen the financial health and resilience of small businesses in the APEC economies of Peru and Vietnam, as well as in Pakistan, with a focus on small businesses led by women.
Strive Women recognizes that women-led small businesses are critical contributors to economies, communities, and households worldwide. The program will focus on strengthening the financial health of small businesses by working with local partners in each market to deliver tailored financial products and support services, while addressing unique gender barriers that women-led businesses face. The program aims to reach 6 million entrepreneurs through campaigns, while directly supporting over 300,000 entrepreneurs — the majority being women — to grow their businesses and increase their economic potential.
Strive Women will be carried out by CARE through a $9 million grant from the Mastercard Impact Fund. This new phase of partnership between CARE and the Center follows the success of the Ignite program, which unlocked $154.9 million in loans from an initial grant of $5.26 million. Following the program, 79% of female participants increased their sales, and 89% reported increased confidence in running the business.
Kausar Parveen, an entrepreneur from Pakistan who participated in Ignite commented: “In Pakistan, it is hard for a woman to start a business on her own, as a male guarantor is usually needed to get a start-up loan. As soon as the man is involved then financial control falls to him, stealing hope from women. I was fortunate to get a [growth] loan via CARE partner AGAHE. I was also connected to other women entrepreneurs, helping me build new connections and develop ideas. The Ignite training has given me the confidence to grow as a woman. People who used to tell me that business is not something that a woman can do now respect me for who I am.”
