The European Bank for Reconstruction and Development (EBRD) and JPMorgan have launched an advisory support programme in Istanbul that provides access to knowhow to selected women entrepreneurs in Istanbul.
Philanthropic support from JPMorgan means the programme will also include the development of entrepreneurial skills through training and networking, the EBRD said.
Following a selection process organised by the development bank, 10 high-potential micro and small companies run by female entrepreneurs were chosen for the programme: Hadi Ham Yap, Esra Bridal, Ege Teknoloji Kimya, Nude Danismanlik, Dogaclama Gida, Brev Bilisim, Buyuk Beden Stil, Ozge Makina Torna Pres, Skare Gida Pazarlama and Shaman’s Secret.
The companies operate in sectors ranging from garment manufacturing to business software design to metal processing.
“Their priority is to overcome the economic impact of the Covid-19 crisis and the ongoing volatile business environment so that they can continue to grow in a sustainable manner,” the EBRD said.
The EBRD cited the example of Dalya Saftekin, who founded her business in 2018 to produce healthy cakes and snacks. The entrepreneur manages the enterprise with her mother, Tuna. Their brand name is Hadi Ham Yap and they aim to help parents feed their little ones healthy food. “Currently, they produce at home, but will soon move to a production facility, which will be a huge change for the company. The EBRD will help Dalya as she scales up her operation; a local consultant has started to work with the firm to design new operational procedures, provide knowhow on financial management and begin building a team that will help mother and daughter bring their business to the next level,” the EBRD said.
The development bank said its Women in Business programme has helped more than 20,000 women entrepreneurs in Turkey since 2014 to reach their full potential by providing credit lines, advisory support, training, mentoring and access to business networks. “Greater participation of women in the economy and a closing of the gender gap are expected to increase the country’s overall prosperity,” it said.
JPMorgan is the first private philanthropic organisation to support the EBRD’s advisory operations in Turkey with grant co-financing, aiming to boost the growth of small businesses and especially women’s entrepreneurship. The newly launched advisory programme is part of the firm’s $150mn, five-year commitment to expanding opportunities for underserved entrepreneurs globally.
Support from JPMorgan will also be used to develop and promote the EBRD Know How Academy, an online learning platform for entrepreneurs. It helps entrepreneurs to access tools and training that are relevant to growing their businesses.
Uzbek media outlet Spot has compiled a list of Uzbekistan's domestic banks in terms of their profitability following the release of 3Q results. Its analysis showed that almost all of the financial ... more
Tarfin, a digital platform that provides Turkish farmers with inputs and credits, has sold Turkish lira (TRY) 50mn ... more
European peer-to-peer lending platform Robo.cash has said that its Kazakhstan originator saw loan volumes grow 29% q/q in the third quarter of 2021, Peer2Peer Finance News ... more