I. Introduction: Investing in women-owned SMEs can drive global growth 1
II. Women are key drivers of economic growth 2
Box 1: The power of the purse 5
Helping women work 6
III. The global landscape for women-owned SMEs 7
Geographical differences, with Asia as a standout 7
Why women-owned SMEs have historically underperformed 8
Box 2: Formal versus informal MSMEs 9
IV. Access to finance is a major constraint for women-owned SMEs 11
Main sources of finance for women-owned businesses 13
Both supply and demand factors contribute to financial barriers for women-owned businesses 14
Box 3: Post-crisis trends in SME financing 16
Box 4: How entrepreneurship can boost Womenomics in Japan 18
Credit needs for women-owned SMEs 19
Box 5: Estimating the SME credit gap 21
V. Boosting economic growth by closing the credit gap for formal women-owned SMEs 22
Estimating the impact of SME credit on economic growth 23
Applying the gender lens 25
VI. Closing the credit gap: Solutions and investment implications 28
Women-specific solutions should tackle both demand and supply 29
Strengthening institutions related to women’s legal parity 31
Implications for investors 31
VII. Appendices 33
Appendix 1: Methodology, data and limitations 33
Appendix 2: Selected initiatives targeting women in small business 37
Box 6: Goldman Sachs 10,000 Women 40
VIII: Bibliography 41