A business information session facilitated by the Women in Business for women entrepreneurs from the Suva Flea Market highlighted the challenges faced by the women in accessing capital and other services for their businesses.
The session included 18 women from the Flea Market container stalls who shared their experience and the challenges they faced on a daily basis in their businesses.
WIB president Dr Nur Bano Ali said the business information session was organised to get in touch with the women who were in the MSME sector with the aim to assist them in accessing the necessary capital for their businesses.
Dr Ali said majority of the women who were running their businesses from the Flea Market did not have proper financial records for their businesses which limited them from accessing the much required extra capital they needed for their businesses.
“So the WIB has come up with these sessions to talk to the women and take them through the steps in working out their cashflows and keeping proper financial statements,” she said.
Dr Ali said through the business information sessions she wanted to prepare them so that they were able to access the financial support from the Fiji Development Bank.
According to Dr Ali it was crucial for women to have a strong support network that they can rely on during hardships and challenges.
PKF Aliz Pacific’s head of corporate secretarial and business development, Rahul Ajesh Prasad, said it was important for the women entrepreneurs to have their daily records of their income, expenses and profit, then they would have a fair idea of their business performance was.
Mr Prasad who works with the group of women on preparing their financial statements, says while there is help available for these women, no one actually goes out to them to explain what they are required do if they operate a business.
“Most of these women had no idea they were required to file tax returns and so these are some things that we will working on.”
Mohini Lata who operates her tailoring business from the Suva Flea Market container stalls said she had lost everything in the fire that had gutted the old Suva Flea Market.
However she said she had not received any compensation for the machines and other stock she had lost in the fire.
According to Ms Lata the women at the Flea Market had worked hard to get back on their feet and were grateful for the support from the WIB.
“The WIB has a stronger voice and standing in the business sector and with their support I am confident women like us will have our voices heard,” she said.
Meanwhile Dr Ali said they would be working with the Business Assistance Fiji (BAF) to work with the women and assist them with their financial statements and other requirements.
