The government may consider offering incentives to commercial banks to encourage their loan disbursement to small and medium enterprises, particularly those led by women, said Rupali Chowdhury.
In an exclusive interview with The Financial Express, Ms Chowdhury -- the managing director of Berger Paints Bangladesh since 2008, advocated women's better access to finance to increase female participation in the formal workforce.
As a successful corporate figure, Ms Chowdhury has recently been elected the president of the Bangladesh Association of Publicly Listed Companies (BAPLC) for the term 2024-2025.
She formerly served three terms as the president of the Foreign Investors Chamber of Commerce and Industry (FICCI).
"Only 30 per cent of small and medium enterprises have access to finance from banks, while 70 per cent are left behind," she said.
Ms Chowdhury suggested that banks would be more inclined to disburse loans to SMEs if their supervision and inspection costs could be nullified through incentives similar to those enjoyed by Bangladeshi remitters abroad.
"Women often encounter difficulties obtaining bank loans without collateral, which most of them do not possess," she noted.
To facilitate women in starting businesses, she proposed allowing a small loan amount of at least Tk 2.5 million without collateral requirements.
She, however, is not in favour of framing a separate incentive policy exclusively for women in business, as she said such benefits are often exploited by their male counterparts.
For starting a small or medium business, merely having an idea is insufficient, as women often lack capital or a guarantor for loans, she added.
Rupali Chowdhury underscored that women entrepreneurs have a better loan repayment ratio, despite their limited representation to access to finance.
She emphasised upscaling the female workforce to enable their sustainability in the competitive job market.
"Society needs to extend mental and social support to women, while the state should offer infrastructure and other gender-sensitive measures," she said.
The successful corporate figure called for technological advancement among women to enable them to work within rapidly growing digitalised industries.
"I've noticed some women are reluctant to acquire basic skills, which eventually appears to be a barrier to performing their jobs smoothly," she added.
Though she noted the significant recent changes in gender equality dynamics, she urged women to maintain their zeal to stay competitive.
"I've observed a positive shift in societal attitudes, encouraging women to pursue careers, especially as relying on a single income for family expenses in Dhaka becomes increasingly challenging," she said.
Ms Chowdhury commented that scaling up remains a major challenge for the women workforce, emphasising having the basic knowledge to conduct business cost analysis to launch a venture.
She said women entrepreneurs previously were mainly focused on boutique, beauty parlours, cooking and a few other sectors. Gradually, there has been diversification into innovative sectors like leather bags, jewellery, etc.
She noted that many women have taken vibrant steps into online businesses, especially after the Covid-19 pandemic hit the world. However, she agreed with the high dropout rate of women from professions despite their enthusiasm.
"While women in second-tier corporate roles are increasing rapidly, their representation in production wings remains limited," she commented.
Self-motivation is important for women to continue and sustain their careers which they proved in the country's apparel sector. Women must inherently strive for financial empowerment, she added.
"The fear or reluctance towards science and math is diminishing. Many are now opting for job-based education to seize the burgeoning business opportunities," she said, emphasising the need for a support system in families and society to minimise dropouts.
Lastly, she urged women to embrace diversity rather than confining themselves to a single passion. "Considering reality, women should explore second or third options as well," she added.
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