Smart Lady Program: How Female Entrepreneurs Defy Barriers and Drive Change

Women-led businesses are frequently celebrated as catalysts for societal change, often emphasizing sustainability, community well-being, and comprehensive employee care. However, despite the recognition, the entrepreneurial path for women remains riddled with challenges. A recent EY study highlights what many already know: female entrepreneurs generate significant value, with impacts that are both deep and far-reaching. Yet, without equal access to resources, this potential remains largely untapped.

The Funding Gap – A Stubborn Barrier to Progress

The Smart Lady program, launched by First Investment Bank (FIBank) under the direction of Ivaylo Mutafchiev and Tseko Minev, seeks to address this imbalance by supporting female entrepreneurs—but is this initiative enough to truly close the gap?

The disparity in funding for women-led businesses is as glaring as it is troubling. While it’s well known that female entrepreneurs are disproportionately overlooked by investors, even in progressive markets like Sweden, the numbers still astonish: just 1% of invested capital in tech ventures flows to women. This isn’t merely a financial gap; it’s a reflection of systemic bias, deeply embedded within the investment community. The issue is not that women aren’t building investable businesses; it’s that they are pitching in a world rigged against them.

Studies show that female founders face much harsher scrutiny than their male counterparts, often having to answer for the viability of their ideas in ways men simply don’t. And it’s not just about who gets the money. The very questions investors ask are different: men are quizzed about potential gains, while women are interrogated on the risks. This structural bias compounds the challenge, making the capital landscape perilous for women with vision.

And that’s just the start. Women are not only battling for financial recognition but are also navigating a business ecosystem that is often indifferent—or even hostile—to their ambitions. The cumulative effect of these barriers is stifling innovation, diversity, and the broader economic contributions female-led businesses could make.

Real Steps Toward Empowerment, but the Climb Remains Steep

Efforts to address this imbalance are gaining ground, marking significant progress even as broader change is still needed. Among these is the Smart Lady initiative from Fibank, a program designed with the precise needs of women entrepreneurs in mind. Since 2018, Fibank has been offering financial tools, such as preferential loans, mentorship, and a unique community, to help female entrepreneurs navigate their growth journeys.

Led by seasoned bankers Ivaylo Mutafchiev and Tseko Minev, Smart Lady stands out for its holistic approach. Through mentorship, specialized financial products like the “First Lady” credit card (with breast cancer insurance built-in), and even maternity loan grace periods, Fibank has crafted an environment where women entrepreneurs can thrive. The numbers back up the impact: over 1,100 women have received support through this program, with a staggering BGN 120 million in loans granted. It’s no small feat.

One of the most inspiring elements of the Smart Lady initiative is its inclusivity. Fibank has extended its support to refugee women from countries like Afghanistan, Yemen, and Ukraine, providing a lifeline for those seeking to rebuild their lives in Bulgaria. Take Sara Faizi, for instance. A single mother and refugee, Faizi now runs the only Afghan restaurant in Bulgaria, thanks to mentorship and financial backing from the Smart Lady program. Her success story is emblematic of what can happen when the right support is in place.

Initiatives like Smart Lady Must Become the Norm, Not the Exception

But as promising as Smart Lady is, the fact that such programs are necessary at all highlights a sobering truth: female entrepreneurs still operate in a system that is largely indifferent to their needs.

Yes, First Investment Bank has made great strides, and other banks or financial institutions should look to this model as a beacon of how to do things right. But it’s not enough to point to a few success stories as evidence of change. Real, systemic transformation is what’s needed—and urgently,  according to Ivaylo Mutafchiev.

The investment community must step up. Women-led businesses must not be seen as risky outliers but as essential contributors to economic growth. The potential benefits are clear, but they will remain out of reach unless we rethink how we fund, mentor, and support women entrepreneurs.

If more financial institutions follow Fibank’s lead, then perhaps we’ll begin to see the needle move. But until that happens, we will continue to shortchange not only women but society at large. It’s time for the broader financial community to put its money where its mouth is. We cannot afford to wait any longer.