The UK-funded Karandaaz Pakistan, an NGO, has granted over Rs 64 million to 15 women entrepreneurs to expand their businesses. Karandaaz Pakistan has signed the financing agreements with 15 successful female entrepreneurs who took part in the Women Entrepreneurship Challenge - 2017.
The Challenge funded by UK's Department for International Development (DFID) facilitated growth of women-led businesses by providing them technical support and opportunities to raise investment from Karandaaz. More than 650 women-led businesses applied for the 2017-Challenge, of which 36 received business development training through Karandaaz's partner organizations: Invest2Innovate (i2i) and a consortium of the National Incubator Centres of Lahore and BUITEMS, Quetta.
Speaking at the event, CEO Karandaaz, Ali Sarfraz said, "Karandaaz partners with women entrepreneurs so that they can realize the true potential of their ideas. We are happy to share that the Women Entrepreneurship Challenge 2018 is currently accepting applications from more women-led businesses and this time we have planned to provide the selected businesses customised support. They may also be eligible to receive financing from Karandaaz at the end."
Owner of Sprinkles Café Quetta and a recipient of a grant from Karandaaz, Shumaila Afsheen said, "If a woman can be a pilot or an engineer then why can't she start a business? Women must challenge these conventional ideas. I had started a business but did not know how to make a proper business plan, define procedures and maintain accounts. Karandaaz trained us in a number of these aspects."
Co-Owner of Polly and Other Stories, Amneh Sheikh Farooqui said, "When you buy a product from a rural artisan, the money you give them goes into paying the electricity bills and sending children to school." The Polly and Other Stories plans to use finances from Karandaaz to expand its businesses and engage more women artisans and smaller rural businesses.
Speaking at the event, DFID's Head of Economic Growth Patricia Seex said, "The aim of this project is bigger than supporting women to grow their businesses and create jobs for others." It will create role models to inspire other women entrepreneurs, she further said.
Karandaaz Pakistan and its sponsors, the United Kingdom's Department for International Development (DFID) and the Bill and Melinda Gates Foundation enjoy a deep commitment to improving access to finance for women in Pakistan. The Women Entrepreneurship Challenge is one of the many initiatives that the organization has taken to accelerate women's economic participation and financial inclusion.
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