CGCC shares tips to access to guaranteed loans for Women Entrepreneurs
June 16, 2022Events and Activities
On 16 June 2022, Mr. Wong Keet Loong, Chief Executive Officer of CGCC, has participated as a panelist in the Women Entrepreneurs Forum on “Access to Finance and Markets for Women’s Business Growth”. Mr. Wong has shared on the participation of CGCC in supporting financial inclusion for women entrepreneurs, especially in assist them to get guaranteed loans.
In the panel discussion on “Increase access to information on financial products and services”, Mr. Wong emphasizes on the importance of credit guarantee, acting as parts of collaterals, to assist women entrepreneurs in obtain 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 on-going supports 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 to all woman entrepreneurs.In order to obtains this supporting scheme, women entrepreneurs can seek for information from CGCC and from CGCC’s 23 PFIs.
This Women Entrepreneurs Forum is participated byaround 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 from: https://www.cgcc.com.kh/en/women-entrepreneurs-guarantee-scheme/