AsiaTechDaily – Asia's Leading Tech and Startup Media Platform
OCBC Bank has introduced a new SME initiative for launch in April 2024, focusing on supporting women entrepreneurs in Singapore. The OCBC Women Entrepreneurs Programme aims to provide targeted financing solutions, facilitating the achievement of business objectives for female-owned SMEs. Women-led startups are eligible for up to S$100,000 in financing within their initial two years, with the waiver of loan processing fees.
With a quarter of OCBC Singapore’s SME clientele being female-owned enterprises, the bank has supported women in business, supporting diversity and empowerment within the entrepreneurial landscape.
The financial support offered through the OCBC Women Entrepreneurs Programme is part of the bank’s broader SME Sustainable Finance Framework, which now includes a dedicated section for social loans.
These loans align with the Social Loan Principles established by the Loan Market Association, focusing on advancing economic empowerment for women and women-led businesses.
In addition to financial assistance, participants in the program will have access to educational workshops, networking events, and mentorship opportunities provided by experienced female entrepreneurs, addressing the persistent challenges women face in the business sphere.
Inspired by a similar initiative launched by OCBC Indonesia in 2020, the OCBC Women Entrepreneurs Programme represents a strategic response to the evolving landscape of women entrepreneurship.
Since its inception, OCBC Indonesia has provided support to approximately 1,400 women entrepreneurs managing micro, small, and medium-sized enterprises (MSMEs), with over $300 million disbursed in loans. OCBC’s data in Singapore highlights the necessity of such support, indicating that women-owned SMEs tend to experience 20-30% lower sales turnover growth in their initial three years of operation.
Moreover, there has been an uptick in women-owned enterprises, with the proportion of new businesses founded by women rising from 23% in 2018 to 30% in 2023.
According to Linus Goh, Head of Global Commercial Banking at OCBC, the program is tailored to enhance the socio-economic advancement of women in the economy and foster the growth of women-owned businesses. In addition to financial support, OCBC will offer educational workshops and networking opportunities for women entrepreneurs.
Linus Goh, Head of Global Commercial Banking at OCBC, emphasized that the OCBC Women Entrepreneurs Programme aims to empower women entrepreneurs by facilitating valuable connections and providing the necessary resources and support for their businesses to thrive.
Also Read: