OCBC Bank is poised to launch the Women Entrepreneurs Programme in April 2024, a novel undertaking aimed at providing tailored financing solutions for women entrepreneurs in Singapore. The programme seeks to bolster female-owned SMEs in attaining their business objectives by extending financing of up to S$100,000 within their initial two years, coupled with waived loan processing fees.
Given that a substantial portion of OCBC Singapore’s SME clientele comprises female-owned enterprises, the bank has steadfastly championed the cause of supporting women in business and advocating diversity and empowerment within the entrepreneurial sphere.
The financial assistance extended through the Women Entrepreneurs Programme forms an integral part of OCBC’s broader SME Sustainable Finance Framework, which now encompasses a dedicated segment for social loans. These loans adhere to the Social Loan Principles laid down by the Loan Market Association, with a specific focus on promoting economic empowerment for women and women-led businesses.
In addition to financial aid, participants in the programme will gain access to educational workshops, networking events, and mentorship opportunities hosted by seasoned female entrepreneurs, with the aim of addressing the persistent challenges confronted by women in the business domain.
Drawing inspiration from a similar initiative launched by OCBC Indonesia in 2020, the Women Entrepreneurs Programme represents a strategic response to the evolving landscape of women entrepreneurship. Since its inception, the initiative in Indonesia has lent support to approximately 1,400 women entrepreneurs overseeing micro, small, and medium-sized enterprises, with over $300 million dispersed in loans.
The data furnished by OCBC in Singapore underscores the significance of such support, revealing that women-owned SMEs typically encounter a 20-30% decrease in sales turnover growth during their initial three years of operation. Moreover, there has been a surge in women-owned businesses, with the percentage of new businesses founded by women escalating from 23% in 2018 to 30% in 2023.
Linus Goh, Head of Global Commercial Banking at OCBC, articulated that the programme is customised to elevate the socio-economic standing of women in the economy and propel the expansion of women-owned enterprises. In conjunction with financial support, OCBC will offer educational workshops and networking opportunities for women entrepreneurs.
Goh underscored that the objective of the Women Entrepreneurs Programme is to empower women entrepreneurs by facilitating valuable connections and furnishing the essential resources and support for their businesses to flourish.
This novel initiative by OCBC is a testament to the bank’s dedication to gender diversity and inclusion, as well as its unwavering commitment to fostering the growth of women-led businesses in Singapore.
In conclusion, the launch of the Women Entrepreneurs Programme by OCBC marks a significant step forward in empowering women in the realm of business, and serves as an encouraging sign for the continual progression of the entrepreneurial landscape in Singapore.
+ There are no comments
Add yours