The Policy Roadblocks- Law and Regulations that Contribute to Financial Exclusion. Olga Pizarro Stiepovic

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1 The Policy Roadblocks- Law and Regulations that Contribute to Financial Exclusion Olga Pizarro Stiepovic

2 Structure: Some data about the Chilean situation Legal and regulatory environments in the Chilean economy that contribute to financial exclusion. Regulations and policies that help expand access to capital for women entrepreneurs and women-owned business.

3 Chile to-day: 1 out of 3 start-ups is women owned. 47% women entrepreneurs are head of the household. 59% of women entrepreneurs start out of necessity. 62% of the new businesses are informal. 47% of women owned businesses are located in Santiago (capital city) 54% of the women start-ups are in the retail area.

4 Inequalities, Gaps and Barriers that affect Chilean Women: Greater difficulties in the use of TIC s (ITs) Little access to information on productive development. Difficulties in access to working capital and credits/loans (financing). Difficulties in access to training. Poor association and/or networks generation Women s invisibility in the economic sphere.

5 How the Government is Addressing this Situation: By offering: Special funding programs for women Extra credits for women applying to some funding projects. Providing child care when attending training. Promoting women in business visibility through the media. (web and mass media).

6 How the Government is Addressing this Situation: Through different Government organizations such as: FOSIS (solidarity and Social Investment Fund, part of the Ministry of Social Development) SERCOTEC (Chile s Technical Cooperation Services), CORFO is a public- sector organization dedicated to promoting entrepreneurship, innovation and growth in Chile. SENCE provide subsidies for training services SERNAM is the Chilean Ministry in charge of women s affairs and issues.

How the Government is addressing this situation: FOSIS (Solidarity and Social Investment Fund, part of the Ministry of Social Development) Fosis offers: Psycho-social and socio-vocational support

7 How the Government is addressing this situation: FOSIS (Solidarity and Social Investment Fund, part of the Ministry of Social Development) Fosis offers: Psycho-social and socio-vocational support Integration into the public social support network Social and human capital development. Housing solutions Education and training for dependent and independent workers Promotion of micro-entrepreneurship Financial literacy Training to create small vegetable gardens and improve nutritional habits. Gender initiative: Fosis provides child care for women/men attending their activities.

How the Government is addressing this situation: SERCOTEC (Technical Cooperation Services Provides training face to face and on-line(management, networking/association) and funding for start ups and

8 How the Government is addressing this situation: SERCOTEC (Technical Cooperation Services Provides training face to face and on-line(management, networking/association) and funding for start ups and SMEs. Gender initiatives Bee Capital (seed-capital for women) Bee Capital for women who are starting a business Bee Capital for women owned SMEs Puntos MIPE (Information centers throughout the country), to provide information on training and financing programs Child care for women attending these centers.

9 Corfo: the Chilean Economic Development Agency CORFO is a public- sector organization dedicated to promoting entrepreneurship, innovation and growth in Chile. Acting in tandem with the Chilean ministry of Economy, CORFO s programs support and finance a wide variety of initiatives in this line, with the goal of stimulating the Chilean economy and providing more opportunities for Chile s entrepreneurs, innovators and key industries to be competitive on a global stage.

10 Corfo: the Chilean Economic Development Agency Gender Initiatives: CORFO has included a gender approach both at the information services and products offered to their users. They promote gender equality both in the access and opportunities of participation. Child care for mothers attending training sessions 5% extra credits during initial evaluation If there is an even evaluation, women are given priority. More follow up hours.

integration, development of new products and services Seed

11 CORFO s Strategic Areas and Achievements Market development initiatives: facilitate access to large retail stores, trade integration, development of new products and services Seed Funds: Small businesses Seed-capital Seed-capital for start-ups

12 SERNAM Is the Chilean Ministry in charge of women s affairs and issues.

13 SENCE Is a technical decentralized public service, related to the Government thorough the Ministry of Labour and Social Welfare. Purpose: to improve competitiveness of Chilean companies and improve workers employability. Have included different gender initiatives since 2001.

14 I. Legal reforms

15 New Postnatal Parental The new postnal parental leave (ex maternity leave) extends now to 24 weeks. Working women can share with the father part of her leave: flexibility. During this first year, only a 3% of men have taken parental leave. Benefits Infant attachment and RECONCILIATION.

16 Shared raising care of children Child raising responsibilities correspond NOW to both parents, (taking into consideration both parents) Reconciliation.

17 Bills: Community Property Marital regime Bill (2011) Alimony Bill (2012) Women s Political representation Bill (2013) Day Care Bill (2013)

18 II. Teenage Pregnancy Programs Advice, guidance, and psychosocial assistance in order to prevent school dropout, and increase opportunities for future employability and working capacities.

19 III. Acoge Program (Chile Receives): Violence Against Women. Women Centers and Shelters Men s retraining. Web & telephone assistance. Empower women for their Economic independence

20 IV. Economical Assistance Ethical Family Income Working Woman Bonus (2012)

21 Regulations and policies that help expand access to capital for women entrepreneurs and women-owned business. Multi-Ministry approach Private and Public Sector involvement. Angel Capital Challenge: Education & Culture

22 Acknowledgement Thanks to those who helped with the data and critical analysis of this presentation. Chilean Ministry of Economy Chilean Ministry of Woman Comunidad Mujer (Women s network) BC&B (Consulting group focuses in Women in Business )

23 Session2: The Policy Roadblocks- Law and Regulations that Contribute to Financial Exclusion Olga Pizarro Stiepovic

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