Garanti BBVA stands out as a leading financial institution in Turkey with its comprehensive commitment to supporting women entrepreneurs. Integrating SME banking excellence with special initiatives for women, Garanti BBVA has developed a Women’s Entrepreneur Support Package aimed at helping women establish and grow their ventures in the dynamic Turkish economy.
Further cementing its leadership,Garanti BBVA launched the prestigious Woman Entrepreneur of the Year award—the first of its kind in Turkey. This award not only celebrates but also publicizes the achievements of women who have expanded their businesses significantly, thereby fostering a more inclusive entrepreneurial culture.
This case study illuminates how Garanti BBVA has adeptly combined its innovative approach with a targeted strategy to empower women entrepreneurs. The competition sifts through numerous success stories across the country, elevating winners as exemplary figures and catering to four distinct nomination categories. The evaluation process includes a holistic review of each applicant, examining elements like innovation, risk management, customer relations, financial health, contributions to the local economy, environmental awareness, and the creation of innovative social solutions.
Remarkably, women make up nearly 60 percent of Garanti's workforce, amounting to about 10,800 of the 18,000 employees, reflecting one of the highest female representation rates witnessed by the International Finance Corporation (IFC). This internal parity is backed by an external audit from PricewaterhouseCoopers in 2012, which attested to the absence of gender discrimination within the bank.
As of September 2013, the Women Entrepreneurship Program (WE Program) had enlisted 140,213 clients, accounting for just under 10 percent of Garanti’s SME customer portfolio. The program oversaw an immense $900 million in outstanding cash loans, underscoring the significant economic weight women entrepreneurs hold in the bank’s business model.
In summary, Garanti Bank’s approach to integrating SME services with a special focus on women entrepreneurs serves as an exemplary model. It not only drives financial growth but also propels social change, positioning the bank as a key player in advancing gender inclusivity within Turkey’s business landscape.
The project centers around the concept of financial empowerment for women entrepreneurs. To encourage their entry into the business world, spur innovation, and facilitate the growth of their businesses, funding is provided as a critical form of support.
During the ideation phase, I was inspired by a powerful symbol that resonates with the modern woman: high heels. High heels have long been associated with a woman's self-confidence—they stand as a testament to a woman's ambition and her determination to reach greater heights in her personal and professional pursuits.
High heels are more than just an element of fashion; they serve as a metaphor for success and the confidence required to achieve it. In many cultures, high heels have come to exemplify a certain fearlessness and poise, qualities that are essential for any entrepreneur. It's this embodiment of elevation—both literal and figurative—that makes high heels an apt emblem for this funding initiative.
This symbolism was thus integrated into the initiative to resonate more profoundly with potential women entrepreneurs, reflecting not just the support they would receive financially, but also the boost in confidence and the acknowledgment of their potential to climb to new levels of success in the business arena. The high heels signify the ascent of these women, step by step, toward their ambitious goals, underpinned by the stability and strength that come with the backing of the funding initiative.
In essence, by choosing high heels as a representation of the project, we're not only recognizing the challenges women face in business but also celebrating their fortitude and capability to rise above them. It’s a message to say, "We believe in the power and potential of women entrepreneurs, and we stand with them on their journey to towering achievements.