Women Entrepreneurs Archives - Page 2 of 2

CGCC supports the accelerating SMEs’ Financial Literacy through the “I’m Financially Literate Program” second cohort

Posted on October 17, 2022June 1, 2023 by Sorn Chhorvyvatey

“I’m Financially Literate Program” was successfully launched by Sathapana Bank, in partnership with Khmer Enterprise, Manulife Cambodia, and Credit Guarantee Corporation of Cambodia (CGCC). The second cohort of this program was organized on 08 & 09 and 15 & 16 October 2022 to provide non-financial services to SMEs and MSMEs and especially women in business.

More than 30 Entrepreneurs and business owners attended the second cohort, and shared their experiences as well as related financial issues, and they also had the opportunity to learn more about entrepreneurship, prepare financial statements for Business, understand loans with banks and choose the right loan for their businesses.

This training program is specifically designed to provide practical skills and experience related to financial literacy and business management skills, as well as access to business networks that can drive business growth for entrepreneurs, especially women entrepreneurs.

CGCC supports the accelerating SMEs’ Financial Literacy through the “I’m Financially Literate Program” second cohort

I’m Financially Literate Program receives success after the launch of the 1st cohort to Help Business Owner and especially Women in Business Become Financially Literate and Financial Inclusive

Posted on October 14, 2022June 1, 2023 by Sorn Chhorvyvatey

Sathapana Bank, a leading commercial bank in Cambodia, successfully launched the first cohort of I’m financially Literate (IFL) in partnership with Khmer Enterprise, Manulife Cambodia, and Credit Guarantee Corporation of Cambodia (CGCC) to provide non-financial services to SMEs and MSMEs and especially women in business.

The success of the first cohort is acknowledged by the business owners who attended the class. Business owners gained a new understanding of their business model, cash flow management and the use of capital and debt.

“Throughout the 4-day course over two weekends, there were crucial lessons related to financial management especially on how to read the financial report and financial analysis. I, now, learnt that there are 4 ways to read the financial report,” said Mrs. Kheng Khattavy, Founder and Managing Director of Eternity Title Co., Ltd.

The success of the program is due to the course material designed to solve the pain-points of business owners including a lack of business and financial literacy skills, the lack of confidence or reluctance to apply for loans, improper cash flow management and credit score building. This course is delivered with in-depth knowledge, practical example and case studies lectured by two certified financial literacy and business management trainers in local language.

”Business owner is likely to prioritize the profit gain. Over the times, they ignore the discipline of following the business plan or proper financial planning which leads to unhealthy cashflow management, known as the business pulse. What I have learnt today is practically important and way beyond my self-research study,” said Sopheap, Managing Director and Founder of Akphiwatt Rental Solutions.

H.E. Dr. Chhieng Vanmunin, Chief Executive Officer of Khmer Enterprise mentioned that Khmer Enterprise serves as a national platform to support more Cambodian start-ups and SMEs to grow and scale. All programs are tailored to fit all stages of business from ideation to investment through entrepreneurial promotion, capacity upgrading, networking to seed funding. The collaboration with Sathapana bank on the IFL program will bring our mission closer by fulfilling the financial gap that best prepares Cambodian entrepreneurs for the next stage of business scaling and investment opportunities.

“Sathapana Bank fully supports IFL program which offers tremendous benefits, networking opportunity and in-depth financial knowledge to business owners. We believe that this training course is a good asset for women entrepreneurs to improve, grow and sustain their businesses with enhanced financial skill,” says Mr. Fung Kai Jin, Chief Executive Officer of Sathapana Bank.

Financial literacy allows business owners to make effective decisions with their investments, better manage their resources, and achieve their business goals. Therefore, Manulife is proud to support this program with our strategic partner Sathapana Bank, knowing this initiative will provide financial education to support the development of women entrepreneurs. This also aligns very well with our mission to build a better future for Cambodia. says Mr. Justin Helferich, CEO and General Manager, Manulife Cambodia.

“CGCC strongly supports women entrepreneurs for financial literacy to achieve financial inclusion. We believe that this training program can support women-owned SMEs on all levels of the business spectrum to be financially literate to improve and grow their businesses. This joint effort with Sathapana Bank, which is one of our most active partners in providing guaranteed loans to women-owned SMEs, and the other two sponsors, will provide more opportunities and support towards this segment of SMEs,” says Mr. Wong Keet Loong, Chief Executive Officer of CGCC.

The training course does not only provide practical business training and development but also networking opportunities to help Women in Business (WIB), SMEs and MSMEs better connected for future collaboration. For example, one SME owner who runs a cake shop has already been linked with the Coffee Shop owner during the training course.

Mrs. Gechhoung, Fy Long Electronic Store Owner and Sathapana Bank customer claimed that “If we do not have any fundamental financial knowledge, we just manage our business with no direction. Secondly, I also got to build good connections with many business owners though networking.”

The program is open from September 2022 to January 2023. All business owners are encouraged to register through this link: https://forms.office.com/r/dNausSrKxK or scan here.

Credit to: Khmer Times, Published on 14 October 2022

CGCC and Maybank Co-organized the “SME Building Capacity and Capability (BCC) Programme”

Posted on September 19, 2022November 10, 2023 by Sorn Chhorvyvatey

On 17 September 2022, CGCC and Maybank Cambodia co-organized the “SME Building Capacity and Capability (BCC) Programme” at Maybank Tower, participated by more than 50 SME entrepreneurs to provide business support instruments and technical advisory based on international best practices to support SME growth, productivity and innovation, as well as enhance competitiveness for SMEs.

Mr. No Lida, Deputy CEO of CGCC, remarks on the importance of this program for SMEs beyond the cooperation between CGCC and Maybank Cambodia, and Mr. Duk Sarak, Head of Community Financial Services of Maybank Cambodia, relayed the opening remark for the event. SME participants had the opportunity to learn about the topic of “Business Registration in Cambodia” from SokSiphana & Associates, “The Importance of Financial Discipline for SMEs” from Acclime Cambodia, “Access to Finance and Guarantee Scheme” from Maybank Cambodia.

CGCC and Maybank Co-organized the “SME Building Capacity and Capability (BCC) Programme”

Upon the collaboration on providing loans with credit guarantee, on November 2021, CGCC and Maybank Cambodia also co-organized the Business Forum on “Supporting SME Businesses in Cambodia” to discuss more details about the possibility of collaboration on how to support SMEs for greater access to finance despite collateral issue and the support of SME’s capacity Building and long-term growth.

CGCC supports the accelerating SMEs’ Financial Literacy through the “I’m Financially Literate Program” first cohort

Posted on September 12, 2022June 7, 2023 by Sorn Chhorvyvatey

“I’m Financially Literate Program” was successfully launched by Sathapana Bank, Co-sponsored by Khmer Enterprise, Manulife Cambodia, and Credit Guarantee Corporation of Cambodia (CGCC). The first cohort of this program was organized on 03 & 04 and 10 & 11 September 2022 to provide non-financial services to SMEs and MSMEs and especially women in business.

More than 30 Entrepreneurs and business owners attended the first cohort, and shared their experiences as well as related financial issues, and they also had the opportunity to learn more about entrepreneurship, prepare financial statements for Business, understand loans with banks and choose the right loan for their businesses.

CGCC supports the accelerating SMEs’ Financial Literacy through the “I’m Financially Literate Program” first cohort

Click here to read more about: CGCC supports the accelerating SMEs’ Financial Literacy through the “I’m Financially Literate Program” second cohort

Dissemination Seminar on “Guaranteed Loans to support SMEs Development in Tourism Sector”

Posted on September 2, 2022June 7, 2023 by Sorn Chhorvyvatey

On 01 September 2022, Ministry of Economy and Finance and CGCC organized a Dissemination Seminar on “Guaranteed Loans to support SMEs Development in Tourism Sector” in Kampot Province, in collaboration with the Ministry of Tourism, through the provincial department of tourism, and SME bank, which was participated by more than 50 business owners in the tourism sector.

This seminar was presided by Mrs. Chin Sopheakla, Deputy Director of Kampot Provincial Department of Tourism, Mr. No Lida, Deputy CEO of CGCC, and Mr. Neav Sokun, Chief Operation Officer of SME Bank.

Dissemination Seminar on “Guaranteed Loans to support SMEs Development in Tourism Sector”

Through this workshop, SMEs in the tourism sector, including resorts, hotels, guesthouses, restaurants, etc., were informed about the benefits of getting guaranteed loans, in response to the lack of collateral when applying for loans for the purpose of improving and recovering their business that are impacted by COVID-19 pandemic.

SMEs also learned about government’s financial supporting mechanisms on favorable loans conditions such as low-interest rate through SME Bank and guaranteed without collateral by CGCC.SMEs can request for guaranteed loans for their tourism related businesses through CGCC’s “Co-Financing Guarantee Scheme for Tourism Sector” that act as collaterals for business loans in the tourism sector through “Tourism Recovery Co-financing Scheme” of SME Bank.

Detail of “Co-Financing Guarantee Scheme for Tourism Sector”: https://cgcc.com.kh/en/co-financing-guarantee-scheme-for-tourism/

Dissemination Seminar on “Guaranteed Loans to support SMEs Development in Tourism Sector” organized by CGCC on 1 September 2022 in Kampot Province — Dissemination Seminar on “Guaranteed Loans to support SMEs Development in Tourism Sector”

CGCC shares tips to access to guaranteed loans for Women Entrepreneurs

Posted on June 16, 2022June 9, 2023 by Sorn Chhorvyvatey

On 16 June 2022, Mr. Wong Keet Loong, Chief Executive Officer of CGCC, participated as a panelist in the Women Entrepreneurs Forum on “Access to Finance and Markets for Women’s Business Growth”. Mr. Wong has shared the participation of CGCC in supporting financial inclusion for women entrepreneurs, especially in assisting them to get guaranteed loans.

In the panel discussion on “Increase access to information on financial products and services”, Mr. Wong emphasizes the importance of credit guarantees, acting as part of collaterals, to assist women entrepreneurs in obtaining loans from CGCC’s Participated Financial Institutions (PFIs). The credit guarantee mechanism is an additional intervention with favorable features, initiated by the government, to assist women-owned businesses to get formal loans for the purpose of working capital and business expansion, since 61% of the businesses in Cambodia are owned by women.

In addition to the ongoing support for women entrepreneurs from relevant stakeholders, Mr. wong also encourages all women entrepreneurs to be prepared to comply with the conditions of those favorable financing, including the credit guarantee. Credit guarantees that act as parts of collaterals for business loans through CGCC Participating Financial Institutions (PFIs) are eligible for all woman entrepreneurs. In order to obtain this supporting scheme, women entrepreneurs can seek information from CGCC and from CGCC’s 23 PFIs.

This Women Entrepreneurs Forum participates around 200 participants including women and women entrepreneurs, which provides the opportunity for them to access information and solutions addressing business issues, products/services development (e.g. access to finance, product requirements for local chains, how to access legal supports, and digital literacy). CGCC recently launched the third credit guarantee scheme, the Women Entrepreneurs Guarantee Scheme (WEGS), in April 2022, which is specifically designed for women and women-owned businesses, aiming to narrow the gap between the supply and demand for financing by providing a higher guaranteed coverage with favorable credit guarantee features. Women Entrepreneurs can find this scheme information at: https://cgcc.com.kh/en/women-entrepreneurs-guarantee-scheme/

Click here to read about: Courtesy visit by CGCC to NBC to discuss expanding more support to improve financial inclusion

CGCC Launches Scheme to provide Debt Collateral to Women Entrepreneurs

Posted on April 20, 2022June 9, 2023 by Sorn Chhorvyvatey

The Credit Guarantee Corporation of Cambodia (CGCC) recently launched its Women Entrepreneur Guarantee Scheme (WEGS), which will see up to $30,000,000 provided as collateral against loans for women entrepreneurs to “enhance their access to formal loans for both working capital and business expansion.”

The initiative satisfies the Strategic Framework and Programs for Economic Recovery in the Context of Living with the Covid-19 in a New Normal 2021-2023 of the Government by encouraging commercial banks and microfinance institutions to increase additional lending by relaxing the credit guarantee requirements.

CGCC’s CEO Wong Keet Loong told Khmer Times that the credit guarantee is a financial instrument that mutually supports financial institutions (FI) and Small-Medium Enterprises (SMEs).

“To the FIs, it is a risk-sharing mechanism to offer loans to those customers who may be deemed higher risk but have potential to grow. It also supports providing additional security for the loan as it is part of the collateral for the loan. For SMEs, it improves financial inclusion.

It enables them to borrow without having the burden of providing additional collateral whenever the business capacity grows and has higher loan requirements.”

“Smaller/micro business owners will be able to obtain loans at affordable rates compared to informal means. By having access to borrowing, business owners will be able to scale up their business, thus, income growth and improved livelihoods. We hope to a certain extent to reduce poverty in certain segments.”

A study undertaken by the International Finance Corporation found that “90 percent of SMEs managed by women were found to be profitable”, yet amongst those businesses, there was an unmet demand for credit of an estimated $4.2 billion. Wong cited this research as the rationale for targeting women specifically under this scheme.

“Cambodian women-owned businesses have difficulty providing collateral to secure loans from FIs thus; many could not access traditional financing. About 60 percent of entrepreneurs are women. Based on similar research, women entrepreneurs have better repayment track records of their loan commitments.”

The CGCC is the first credit guarantee corporation in Cambodia, established by a sub-degree of the Royal Government of Cambodia in September 2020 as a state-owned enterprise under the technical and financial guidance of the Ministry of Economy and Finance.

Its mission is to ‘provide credit guarantees to lenders on loans made to businesses based on international standards to share the risk with lenders and improve financial inclusion.

The scheme is eligible for all types of loan facilities, including term loans, overdrafts and trade facilities, and the process is relatively straightforward.

“The business owner would need to apply for a loan from the FI. The FI will evaluate the business needs for the loan and assess its repayment capability. The credit guarantee acts as part of the collateral for the loan. Once the FI has approved the loan, FI will submit to apply the guarantee from CGCC. CGCC will ensure the FI has complied with the features and guidelines of the scheme and will issue a Letter of Guarantee for the loan,” Wong said.

Wong hopes WEGS can support SMEs on all levels of the business spectrum, “We hope that the commercial banks and MFIs will use the WEGS to reach out to more women entrepreneurs by extending loans to scale up their businesses. The institutions can include SMEs who may not have as many complete records, but just as much potential to grow.”

Credit to: Khmer Times, 20 April 2022

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Tag: Women Entrepreneurs