Regional Post talked to Zara Ohanyan, Principal Manager at EBRD Armenia, about a decade of the Women in Business program, the barriers women entrepreneurs still face, and what it takes to scale women-led businesses in the country.
Interview : Nazareth Seferian Photo : EBRD Armenia
To set the context, could you give us some specific numbers on the gap that exists when it comes to women in business in Armenia? What are the potential economic gains if this gap is reduced?
— Women play an important role in Armenia’s economy, yet there are significant gaps in entrepreneurship and access to economic opportunities.
Women represent a large share of the country’s human capital, accounting for over 52% of Armenia’s labor resources, yet their participation in the labor market is still considerably lower than men’s
—around 48% for women compared to about 70% for men. Women are equally underrepresented in entrepreneurship. Estimates suggest that only about a third of businesses in Armenia are owned by women, whose firms tend to be smaller and employ fewer people on average. Persistent gaps in finance limit the pace at which women entrepreneurs can scale their businesses and have clear economic implications. Studies show that the financing gap for women-led SMEs exceeds 2% of Armenia’s GDP, while broader gender inequalities in employment and entrepreneurship are estimated to result in economic losses equivalent to around 14% of GDP. Closing this gap therefore represents a significant opportunity. By improving women’s access to finance, skills, and markets, Armenia could unlock substantial economic potential, supporting SME growth, creating jobs, and strengthening the country’s overall economic resilience.
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Given these numbers, what are the key obstacles women face when starting or growing a business in Armenia, and how does the Women in Business program address them?
— Based on our experience, women entrepreneurs in Armenia often face three main barriers: limited access to finance, gaps in financial and business management skills, and smaller professional networks. The Women in Business program addresses these challenges through a comprehensive approach. It combines access to finance through partner banks with targeted advisory services, mentoring, and high-quality training delivered by experienced local and international trainers. The program also creates networking opportunities that connect women entrepreneurs with peers, mentors, and industry experts, helping them grow their businesses and build confidence in decision-making.
The program has been running in Armenia for more than a decade now. What kind of results have you seen? Do you have data on how participants from earlier cohorts are doing today?
— The EBRD Women in Business program was launched in Armenia in 2015, and from the outset we have placed strong emphasis on monitoring and evaluating the impact of all program activities. We regularly follow up with participants across different training cohorts and advisory projects to assess how their businesses have developed over time. Our evaluations show that a strong majority of participants continue to operate their businesses several years after completing the program, with many reporting tangible improvements in their operations. Many women entrepreneurs have expanded their product lines, entered new markets, strengthened their financial management systems, or increased employment. We have also seen encouraging examples of earlier participants becoming role models and mentors for newer cohorts, which helps create a sustainable ecosystem of women entrepreneurs. These long-term outcomes highlight that the program combination of access to finance, advisory services, and training is helping women-led businesses build resilience and pursue sustainable growth.
The program also operates in almost 20 countries. Are the challenges women face in Armenia similar to what you see elsewhere, or are there issues specific to this market?
— Women entrepreneurs across our countries of operation often face similar challenges, despite varying socio-economic structures. In Armenia, women entrepreneurs are highly active in sectors such as services, retail, tourism, and food production. One challenge specific to the country is that many women-led businesses remain small or family-run and may lack the strategic planning or financial management tools needed to scale up. The program therefore focuses strongly on helping women transition from micro or small enterprises to more structured and growth-oriented businesses.
You mentioned financial management as a key gap. What specific skills are most lacking among women entrepreneurs in Armenia?
— In our experience, the most common gaps relate to financial planning and strategic financial management. Many entrepreneurs initially rely on basic bookkeeping but may lack tools for cash-flow forecasting, cost analysis, and investment planning. Through the program’s trainings, participants learn practical skills such as managing working capital, understanding financial statements, pricing their products effectively, and preparing bankable business plans. These skills help entrepreneurs make informed decisions and improve their chances of securing financing.
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What role do the program partner banks play in addressing these gaps?
— Partner banks play a central role in strengthening financial literacy among women entrepreneurs. Increasingly, providing non-financial services alongside financial products is becoming a growing trend in Armenia’s banking sector.
Many financial institutions now recognise that supporting clients with knowledge and capacity-building is an important part of building long-term, sustainable relationships.
Several partner banks have already established dedicated SME or women-focused units that provide advisory support, training, and information sessions for their clients. These initiatives help entrepreneurs better understand financial products, manage their finances more effectively, and prepare stronger applications when seeking financing. Financial literacy and business capacity-building are increasingly becoming a strategic priority for banks themselves. By investing in the financial knowledge and skills of their clients, banks contribute to the development of a more reliable, transparent, and financially literate customer base, which ultimately strengthens the overall SME ecosystem in Armenia.
And how does the program encourage these banks to develop financial products tailored specifically for women-led businesses?
— The program works with partner banks to better understand the needs and potential of women-led businesses. Through technical support and knowledge sharing, banks are encouraged to develop products that address common barriers such as collateral requirements, loan sizes, or repayment structures. In many cases, banks also benefit from training on gender-responsive lending practices and customer engagement, which helps them reach a previously underserved segment of the SME market.
Beyond the financial side, how does the program support women in areas like leadership, negotiation, and strategic decision-making?
— Beyond access to finance, the program places a strong emphasis on leadership development. Training often covers negotiation skills, strategic planning, leadership communication, and confidence building. These are essential skills for entrepreneurs who want to grow their businesses and manage teams effectively. Peer learning is also a core element. Workshops, networking events, and mentoring sessions bring women entrepreneurs together to learn from one another, exchange ideas, and build partnerships. Participants frequently cite connections with fellow women business owners as one of the program’s most valuable aspects.
Looking ahead, how can the program be scaled to further close the gap between male and female entrepreneurs in Armenia?
— Scaling the impact of the EBRD Women in Business program in Armenia requires continued collaboration between financial institutions, development partners, and the private sector. Expanding access to training and advisory services, strengthening partnerships with regional banks, and increasing outreach beyond Yerevan will help ensure that more women entrepreneurs can benefit from the program. Equally important is fostering strong networks of women entrepreneurs through mentoring, peer learning, and collaboration. These connections help entrepreneurs share experiences, build confidence, and support each other’s growth. As one entrepreneur jokingly said during a training session: “Running a business is a bit like making Armenian coffee—it takes patience, the right ingredients, and occasionally someone reminding you not to let it boil over.”
