Ferlene A. Rubin and Preciosa D. Villacruel (Author)
Abstract
This research explored the function of microfinance as a stimulus for improving the economic, social, and personal empowerment of women entrepreneurs in Laguna’s SMEs. The study was concerned with the way in which access to financial products, including loans, savings, and training programs, can improve and sustain women-owned SMEs, overcoming challenges such as resource constraints and financial literacy. A descriptive-correlational research design was employed to 229 female entrepreneurs from the 3rd district of Laguna participated. Descriptive and inferential statistics tools were used for analysis. Results indicate that majority of the respondents were 31-45 tears old (38.0%), married (52.4%), college graduate (68.1%), self-employed (71.6%), the source of funds is from the business (75.1%), located in San Pablo City (51.5%) and the business is 1 – 5years operating (36.2%). It can also infer that access to credit or financial assistance was highly and savings programs empower these women in SMEs. There is also evidence as to gender biases and limited resources for women entrepreneurs in the 3rd district of Laguna. Drawing from these results, this study presents a Microfinance-Assisted Skills Development Program that aims to maximize the entrepreneurial skills of women entrepreneurs in Laguna’s SME industry. The focuses on customized financial literacy education, mentorship programs, and partnership collaborations with local governments and NGOs in ensuring sustainable development. In the end, this study highlights the critical intervention of microfinance in empowering women entrepreneurs with critical skills, driving economic empowerment, and ensuring inclusive development within the SME sector.
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Keywords: Access to Credit, Financial Trainings, Microfinance, Savings Programs, Women’s Empowerment