UN Women Moldova Launches First Study on Women Entrepreneurs’ Access to Finance in the Republic of Moldova

UN Women Moldova presented the results of the first study on women entrepreneurs’ access to finance in the Republic of Moldova, highlighting both opportunities and constraints in accessing financial resources. The study is relevant for policymakers and regulators, as well as financial service providers, serving as a shared evidence base for measurable interventions. The findings were presented during the “Access to Finance as an Element of Economic Justice: What Works, What Is Missing, and Recommendations for Ensuring Equitable Access to Finance for Women Entrepreneurs” event, organized by UN Women Moldova in partnership with the Association of Women Entrepreneurs of Moldova (AFAM).

The study sample included 253 women, of whom 177 are active entrepreneurs and 76 are women planning to launch a business within the next 12 months. The research was complemented by four focus groups involving 175 women from four regions of the country, as well as consultations with financial institutions and public authorities.

“In recent years, UN Women has supported women’s economic empowerment through initiatives that strengthen entrepreneurial skills and support start-ups through pre-acceleration, acceleration, and growth programmes. However, we realized that this approach alone is not sufficient. Even when women have strong ideas and skills, many still face barriers in developing their businesses, particularly in accessing finance. In this context, the study represents an important step in understanding access to finance as a key element of economic justice,” said Dominika Stojanoska, UN Women Moldova Country Representative.

“Expanding access to finance for small and medium-sized enterprises remains a priority, including through strengthening the institutional framework and developing instruments that facilitate access to financial resources. These efforts contribute to building an inclusive economy in which all citizens, including women, can actively participate in economic activity and realize their entrepreneurial potential,” noted Constantin Țurcanu, Head of Entrepreneurship Development Policy Directorate at the Ministry of Economic Development and Digitalization.

“The results of the study send a clear signal: women in Moldova are not only seeking capital, but also partnerships built on trust and mentorship. The fact that 97 per cent of women entrepreneurs want integrated support confirms that success in business is measured not only in numbers, but also in resources tailored to real needs. It is time to turn this data into concrete solutions for every woman who has the courage to build and grow her business,” said Carolina Bugaian, President of the Association of Women Entrepreneurs of Moldova (AFAM).

According to the study, 64.2 per cent of the women interviewed have never applied for a loan from a commercial bank, while among those who have not applied for financing, only 13 per cent cited lack of need as the reason. At the same time, women lead approximately 34 per cent of active enterprises in the country, yet women-led businesses generate only 23 per cent of total company revenues.

The data also show that 97.2 per cent of respondents would like integrated programmes that combine financing with mentorship and digitalization, highlighting the need for more comprehensive support instruments tailored to the needs of women entrepreneurs.

In addition, almost half of women entrepreneurs would prefer a loan with a faster processing time and advisory support, even if the interest rate were higher than that of a traditional loan.

At the same time, women entrepreneurs in urban areas, particularly in Chișinău, report a saturation of support programmes that are not followed by access to financing. In rural areas, challenges are more directly related to access and capacity: documentation and bureaucracy are cited more frequently, and barriers are amplified where support infrastructure is weaker.

The study also shows that the Organization for Entrepreneurship Development (ODA) holds one of the strongest assets in the ecosystem: trust. 71.8 per cent of respondents report high or very high trust in ODA, compared with 48.4 per cent in banks, 16.4 per cent in microfinance organizations, and 11.2 per cent in savings and credit associations. This suggests that ODA can play the role of a “navigator” and bridge to formal financing, through guarantee schemes and guided pathways between ODA and financial institutions, increasing the number of women who reach the stage of applying for financing.

The study “Women Entrepreneurs’ Access to Finance in the Republic of Moldova” study was conducted by UN Women Moldova, in partnership with the Association of Business Women in Moldova (AFAM), with financial support from the Swiss Development Cooperation and the Government of Canada.