Frequently Asked Questions
Every now and again, we are asked questions that help expand the understanding and appreciation for the work of Women Ventures International. We are posting some questions and answers below. If you have further questions, please write to: womenventures@womenventuresinternational.org.
Although not all questions and answers will be posted on the Web site, we will do our best to reply to all enquiries.
Why is there a need for Women Ventures International?
Women Ventures International was founded to respond to the need for women to access capital, on favourable terms, to start or expand their small-to-medium sized businesses.
Why are loans provided to businesses?
Small-and-medium sized businesses contribute in a vital way to the economic vibrancy of a society by providing jobs that are desperately needed in Ghana. Women Ventures International hopes, in its modest way, to help women entrepreneurs play a role across the broad spectrum of the economy. As a result, Women Ventures International considers the applications of businesses which respond to a societal need, are viable and offering employment to others.
What are the conditions for loans?
The loans committee assesses applications based on strict criteria, including the applicant's credit rating and ability to repay loans. The application form indicates the criteria applied in the selection process.
How much is a loan?
The amount of the loan depends on the type of business, ranging from GHC 5,000 to GHC 20,000.
What is the application process?
Women Ventures International receives loan applications by post or e-mail. A loans committee reviews and shortlists the applications. Women Ventures International will respond to only those applications which are likely to receive loans.
Women Ventures International will contact, in writing, applicants selected to receive loans. At that time, the following will be discussed: training, mentorship and repayment schedule. A legally biding contract will be signed by both parties.
Loans will be awarded shortly after the training session is completed. We anticipate the process, from receipt of application to provision of the loan – full or in part – ,will take approximately three months.
What is the typical repayment schedule?
The repayment schedule depends on the type of business and as mutually agreed upon by Women Ventures International and the loan recipient. The recipient of a loan usually would have between three-to-six months before they would be required to start repaying the loan with interest.
Why is it important for loan recipients to participate in a business seminar?
Women Ventures International views loans as only one contributory factor to operating and sustaining a successful business. Recipients of loans also have the opportunity to take part in a seminar where they will receive tools and knowledge for running successful businesses.
Why does Women Ventures International provide mentoring opportunities?
A loan recipient benefits from the support of a mentor who has been successful in their own business and thus able to share their experiences and expertise. We see training, access to loans and mentorship as three of the key factors to succeeding in business. We also anticipate that mentors, if so inclined, will act as references for loan recipients at a future date.
If you are interested in becoming a mentor, please e-mail womenventures@womenventuresinternational.org.
Are there any internship opportunities?
We encourage businesses to hire young adults as interns if possible, to give them practical experience and an opportunity for personal growth.
What does Women Ventures International do with donations?
All of the money received from donations is used to offer loans to businesses of women entrepreneurs who have been selected through the application process.
Does Women Ventures International need volunteers?
From time to time, we need the valuable help of volunteers to assist us in a variety of areas of our work.
We would, therefore, like to maintain a database of volunteers (which we will keep in confidence and not share with anyone). If you are interested in being included, please e-mail your resume and area of interest, including your address, telephone number and e-mail address. We will contact you on an as-needed basis.
Thank you for your support and interest in the work of Women Ventures International.
If you have further questions, please e-mail womenventures@womenventuresinternational.org.
