Support to Development of Women Entrepreneurship in Montenegro
In Montenegro women are highly qualified and labor market participation of women is on the rise, yet in decision making position both in public and private sector women are largely outnumbered by men. 39.5% of all employees in Montenegro are women, however only 7.2% are performing managerial tasks. Despite the fact that women represent 50% of the human capital and half of the labor force in Montenegro, women’s economic potential and opportunities have been particularly restricted – only 8% of the women are owners/co-owners of their homes, 6% are car owners, and 1% is business or company owners. Furthermore, only a very limited number of women have the opportunity to take out a bank loan and start their own business due to the fact they have neither the incentives nor the real estate to guarantee the loan.
To remedy this situation a specific financial mechanisms entitled Trust Fund for Women (TFW) has been devised having as an objective to provide support and guidance for female entrepreneurs under affordable financial arrangements. This unique financial mechanism will give the women in Montenegro access to loans under special conditions while at the same time presenting a successful financial model for the banking system. Female entrepreneurs will benefit from both financial and technical assistance in order to develop, enhance and increase their sustainable business ideas. These measures will lead towards the strengthening of their capacities to play an active role in economic development of the country. TFW has been envisaged as an affordable, low interest rate fund for women starting up their own businesses that will ensure an individual approach to clients and on-going consultations in regard to the running of a business.