Canadia Bank teams up with CWEA to boost woman-owned SMEs

Canadia Bank and the Cambodia Women Entrepreneur Association (CWEA) yesterday signed a memorandum of understanding that aims to enhance access to finance for female business owners in the country.

Under the new partnership, a $20 million loan fund, named ‘SME Smart Ladies Loan Package’, has been created, with CWEA and Canadia Bank saying it will help female entrepreneurs expand their businesses.

Eng Lykuong, president of CWEA, said the loans will be offered at an attractive interest rate, around 7.8 percent, which will encourage more women to seek credit to expand their operations.

“It is very difficult for female entrepreneurs to access finance at low-interest rates,” she said. “I welcome this agreement because I firmly believe that it will help improve the business environment for women in the country.”

She noted that 65 percent of small and medium enterprises in the Kingdom are owned by women.

“With more access to credit, women will be able to expand their businesses and create more jobs, which, in line with government policy, will help curb migration.”

Raymond Sia Say Guan, Canadia Bank CEO, said the interest rates offered are very competitive.

“Women own a significant part of the businesses in the country and they contribute significantly to the economy,” he said.

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