Business ladies within the Cambodia Women Entrepreneurs Association (CWEA) will be able to access loans at annual interest rates of “0.25 percentage points below market” from the state-owned Small and Medium Enterprise Bank of Cambodia Plc (SME Bank), according to the CWEA chief.
CWEA president Keo Mom confirmed this figure to The Post after signing a memorandum of understanding (MoU) to this effect with SME Bank CEO Lim Aun on September 9.
Mom, who is also CEO of Ly Ly Food Industry Co Ltd, one of the Kingdom’s largest food processing enterprises, told The Post that the main purpose of the MoU was to establish long-term cooperation between the CWEA and SME Bank to create and support financing packages for women entrepreneurs and foster growth among the Kingdom’s small- and medium-sized enterprises (SME).
She said the 0.25 percentage point discount would provide women entrepreneurs with access to financing to expand and grow their businesses.
Speaking at the signing ceremony on September 9, SME Bank’s Aun similarly commented that the MoU would provide the SMEs within the CWEA with favourable credit terms to expand and ensure smooth and sustainable operations.
Meanwhile, SME Bank reported that 148 businesses involved in the tourism value chain – all SMEs – have received $19.86 million in loans under the Tourism Recovery Co-Financing Scheme (TRCS) as of August 31, equivalent to 13.24 per cent of the $150 million budget. Of that, 41 per cent or just over $8 million went to women-owned businesses.
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Author: May Kunmakara
Source: The Phnom Penh Post
Publication date: 12 September 2022