Betty Nakintu possesses a radiant smile as she continues to advance a vision of educating primary and nursery school students in her native Uganda. She is emblematic of millions of courageous and entrepreneurial women around the world to celebrate and support on this International Women’s Day.

Nakintu was a teacher by profession in Uganda. Many years ago, as a single mother, she struggled to bring in enough money to provide basic support for her young children. The family was vulnerable to the sting of abject poverty. Through the shadows of distress, Nakinto persevered. She drew from a well of inner compassion and human vigor to carry forward her vision of propelling her family and disadvantaged Ugandan children unto a more prosperous path.

After Nakintu created her own school in 2008, it quickly grew. She soon needed more classrooms and teachers. To achieve this modest expansion, she required access to credit and loans. Acquiring such a loan was incredibly difficult for a woman who was impoverished financially. Without the loan, many children would suffer with no basic education, some perhaps would even die.

At that precarious moment 15 years ago, Nakintu turned to FINCA International based in the US with operations around the world for a micro-enterprise loan. Nakintu received the loan, and additional loans later to expand even further. The initial figure that would transform lives was $820 or approximately £685. Consider that for a moment. The access to a relatively small loan and credit by a visionary woman saved and educated countless lives.

The theme of this year’s International Women’s Day is embracing innovation, technology, and equity. Women’s equality will always be a core tenet of the day because so many women over decades have bravely fought and sacrificed for gender equality. The origins of IWD are directly rooted in equality. In 1908, against a backdrop of dreadful working conditions and exploitation, 15,000 women marched in New York demanding shorter hours, better pay and voting rights.

However, while equity and equality sprout from the same tree, they are different. Equality ensures that women are given the same opportunities, while equity strives to give women the tools and support they need to have equal access to those opportunities.

Micro, small, and medium-sized enterprise (MSME) loans to women in the developing world are an excellent example of advancing equity. The modest sums of credit and loans is the opportunity or tool that is empowering millions of entrepreneurial women to access opportunities. Most businesses in the developing world are MSMEs, and the lion share of these entities are women-led and owned. When women desire to start or grow their businesses, the odds of securing an enterprise loan are heavily stacked against them because global financing is far from the levels it needs to be at.

The International Finance Corporation (IFC) headquartered in Washington, DC reports through the World Bank that over 1 billion women still do not use or have access to the financial system. IFC estimates that worldwide there is a $300 billion gap in financing women-owned small businesses, and more than 70 percent of women-owned MSMEs have inadequate or no access to financial services. We need to close that gap substantially.

If funding for institutions that support, oversee, and administer loans to MSMEs were trebled, the impact would be transformational in improving the livelihoods of women and girls. This is a tangible policy approach and an aspirational goal for foreign policy leaders. In having access to wider credit and financing, women would have an entrée to technology and digital training. And an important derivative of dramatically improving the livelihoods of women and girls is that local communities would progress. Where and when women prosper so also does a society flourish and the moment of time in which we live will better thrive.

The theme of promoting and discussing equity and technology for IWD is inspired. Countless women around the world harbour dreams of healthier lives, property ownership, further education for themselves and children. These resilient women are lights of hope. While defense and national security budgets are a vital strategic expenditure, perhaps when policy leaders delve into the details of such complex budgets, they should also focus intently on what would make the world a more equitable place for women and those who are marginalised.

By empowering women with greater access to financial tools and heightened credit, the world reminds women they can dream and that they have power. As the African-American writer Alice Walker said, “The most common way people give up their power is by thinking they don’t have any.” Let’s strive to fuel a flame of hope for women, not douse it.

Ian Houston has spent his career as an advocate for diplomacy, trade, poverty alleviation, and intercultural dialogue. He promotes commercial, educational, artistic, and charitable linkages between Scotland, UK, and the US. He is an Honorary Professor at the University of the West of Scotland and honorary Lecturer at the University of Aberdeen. He is located in the Washington, DC area. His views are his own.