Co-Financing Guarantee Scheme for Tourism Archives

New Project Boosts 100 Fisheries Enterprises

Posted on May 30, 2024 by Sorn Chhorvyvatey

A new scheme by the EU-funded CAPFISH-Capture programme aims to support the Kingdom’s post-harvest fisheries sector by improving access to capital.

Through CAPFISH, the Fisheries Administration (FiA), the UN Industrial Development Organization (UNIDO) and the Credit Guarantee Corporation of Cambodia (CGCC) will work together to launch an investment support facility (ISF) scheme.

Building on the success of its current investment support of 50 small enterprises, the ISF scheme will provide technical support and guaranteed business loans to 100 additional businesses.

The funding will allow the small enterprises to overcome challenges such as inadequate fish-processing technologies and limited value addition, as well as food safety concerns which impact consumer trust and the sector’s competitiveness on a global scale, according to a joint statement from the CAPFISH and its partner organisations.

The scheme blends co-financing from the enterprises’ own resources, guaranteed business loans distributed by the local financial institutions and grant support from the project itself. It is co-funded by the EU.

“The ISF will play a pivotal role in enhancing Cambodia’s fisheries sector. Through it, eligible enterprises will be able to access technical support, capacity building, and financial assistance, including grants and loans with favourable conditions,” Mey Vann, member of the CGCC board of directors, was quoted as saying in the statement.

“Ultimately, these efforts will contribute to the government’s overarching goal of securing food supplies and elevating the standard of living for the Cambodian people,” he added.

Dejene Tezera, UNIDO director of agri-business and infrastructure development, expressed his pride in the introduction of the scheme.

“Through investments in innovation and capacity building, we are paving the way for a future where Cambodian fisheries stand tall on the world stage, delivering excellence, reliability, and prosperity to local communities and beyond,” he said.

“The ISF will not only help boost competitiveness and sustainability but also underpin economic expansion, public health safeguards and local job creation. I am optimistic that its success will inspire replication and scale up in other agricultural sub-sectors,” added EU ambassador Igor Driesmans.

In the statement, Dith Tina, Minister of Agriculture, Forestry and Fisheries, acknowledged the invaluable support of the EU and UNIDO.

“This is a great initiative and will support current collaborations between the ministry’s FiA, UNIDO and the private sector,” he was quoted as saying.

“I am positive that this project, which will be implemented by the CAPFISH-Capture programme, will raise the standards and quality of post-harvest fishery products, providing economic benefits to fishermen and the owners and employees of processing enterprises,” he added.

Credit to: The Phnom Penh Post, Published on 29 May 2024

MAFF and Partners Launch $7 mil Fisheries Project

Posted on May 30, 2024 by Sorn Chhorvyvatey

The government and its development partners, through the Cambodia Programme for Sustainable and Inclusive Growth in the Fisheries Sector (CAPFISH-Capture), launched an Investment Support Facility (ISF) project with $7 million in funds for boosting Cambodia’s fisheries sector yesterday.

The European Union (EU)-funded CAPFISH-Capture Programme and its Post-harvest Fisheries Development project, the Fisheries Administration (FiA) of the Ministry of Agriculture, Forestry and Fisheries (MAFF), the United Nations Industrial Development Organization (UNIDO), and the Credit Guarantee Corporation of Cambodia (CGCC) are joining forces to embark on and fund a groundbreaking ISF scheme aimed at catalysing growth in the post-harvest fisheries sector.

The partners released a joint statement yesterday, “With its rich fisheries resources and cultural heritage, Cambodia holds great promise for excelling in the global fish and fishery products market”.

“However, post-harvest fisheries face challenges such as inadequate fish-processing technologies, limited value-addition, and food safety concerns which are impacting consumer trust and the sector’s competitiveness on a global scale,” it said.

“Building on the success of its current Value Chain Investment Support (VCIS), the project has designed the ISF scheme to support post-harvest fisheries enterprises and their input suppliers in overcoming these challenges and enhancing productivity, product safety, and quality,” it said.

“This scheme blends co-financing from the enterprises’ own resources, guaranteed business loans distributed by the local financial institutions, and grant support from the project,” it added.

“This new scheme is supported by a fund of $7 million and targets over 100 eligible enterprises in the fisheries value chain in addition to the 50 enterprises already supported by the project,” it added.

The project launch was chaired jointly by Igor Driesmans, EU Ambassador to Cambodia, and Dith Tina, Minister of Agriculture, at Sofitel Phnom Penh Phokeethra Hotel, yesterday.

Driesmans lauded the timely launch of the scheme, saying, “By harmonising with global market requirements, including those of the EU, the ISF will not only help boost competitiveness and sustainability but also underpin economic expansion, public health safeguards, and local job creation in the sector.”

“I am optimistic that the success of the ISF in this sector will inspire replication and scale up in other agricultural sub-sectors, catalysing holistic development, bringing more investment in the sector and prosperity,” the EU Ambassador added.

Acknowledging the invaluable support from the EU and UNIDO for bolstering food safety and fisheries’ sustainable development, Tina reaffirmed his commitment to further elevate the country’s fisheries sector to new levels of success.

In line with the government’s Pentagonal Strategy, the minister said that the ISF is a good initiative to support collaboration between the FiA, UNIDO, and the private sector to promote growth in the post-harvest fisheries sector in Cambodia.

“I am positive that this project, which will be implemented by the CAPFISH-Capture programme, will promote the processing of post-harvest fishery products to a higher standard and quality, as well as provide economic benefits to fishermen and processing enterprises,” he said.

Mey Vann, Secretary of State of the Ministry of Economy and Finance (MEF) and Member of the Board of Directors of the CGCC, said that the CGCC has been selected to manage the ISF scheme in partnership with commercial banks and microfinance institutions.

“The ISF plays a crucial role in enhancing Cambodia’s fishery sector. Through ISF, eligible enterprises in the post-harvest fishery sector will be able to access technical support, capacity building, and financial assistance, including grants and guaranteed loans with favourable conditions,” he said.

“The ISF will contribute to the national economic growth, modernisation, and development of the agricultural sector,” Vann noted.

Dejene Tezera, UNIDO’s Director of Agri-Business and Infrastructure Development, said that “We are proud to introduce the ISF scheme for this sector”.

“Based on UNIDO’s solid experience in innovative financing and value chain development, we firmly believe that this innovative financial model will elevate the value and quantity of safe, high-quality fishery products, enabling fish processors to thrive in global markets,” he said.

Credit to: Khmer Times, Publish on 30 May 2024

Extension of Request for Proposal “Legal Counsel”

Posted on April 30, 2024May 15, 2024 by Sorn Chhorvyvatey

CGCC is a state-owned enterprise, established under the technical and financial guidance of the Ministry of Economy and Finance (MEF) to provide credit guarantees based on international standards to improve financial inclusion and support the growth of SMEs in Cambodia. CGCC obtained the accreditation from the Securities and Exchange Regulator of Cambodia (“SERC”) to become the bond guarantor on 22 August 2023 (“Bond Guarantor” or “Guarantor”).

CGCC wishes to provide guarantee on bonds to be listed on the Cambodia Securities Exchange.

CGCC is seeking to engage a Cambodian legal counsel (“Legal Counsel”) to perform the services as described in the scope of work.

CGCC, Maybank Cambodia, BNI-Super, and CWEA Sign MOU to Elevate SME Capacity and Capability Building

Posted on June 12, 2023February 7, 2024 by Sorn Chhorvyvatey

Phnom Penh, Cambodia – June 10, 2023 – Credit Guarantee Corporation of Cambodia (CGCC) and Maybank Cambodia have entered into a strategic partnership with Business Network International (BNI-Super) , and Cambodia Women Enterprise Association (CWEA) with an intent to support the local small and medium-sized enterprises (SMEs) in the Kingdom through SME Building Capacity & Capability Programme (BCC).

Under the MOU, CGCC, Maybank Cambodia, BNI-Super, and CWEA will collaborate to provide trainings and workshops to the members of BNI and CWEA, and other SME communities to help them expand their businesses. The trainings will cover a range of topics relating to financial literacy and business operation.

CGCC, Maybank Cambodia, BNI-Super, and CWEA Sign MOU to Elevate SME Capacity and Capability Building

The MOU will also pave the way for the participating SMEs’ long-term social and business growth through networking sessions, technical and knowledge sharing and incentivised rates offered by Maybank Cambodia.

The MOU was inked at Maybank Tower, highly witnessed by H.E. Dr. Sok Siphana, Founding Partner of SokSiphana & associates and Chairman of Asian Vision Institute, inked by Mr. Wong Keet Loong, Chief Executive Officer of CGCC, Mr. Rath Sophoan, Chief Executive Officer & Country Head of Maybank Cambodia, H.E. Chea Ratha, Vice President of CWEA, and Mr. Kruy Rithy, President of BNI-Super.

Mr. Rath Sophoan, CEO of Maybank Cambodia said, “This MOU and BCC Programme signify Maybank’s continuous commitment to supporting the growth of SMEs in Cambodia. We believe that by providing training in capacity and capability building as part of the financial literacy programme, we are equipping SMEs with the right tools to sustain their business, thus contributing to the Kingdom’s overall economic development.”

“Following the success of the BCC Programme in 2022 with CGCC, this year, we want to continuously fulfil our promise to humanise financial services by taking it to the next level through renewing and expanding our collaboration with two more partners namely CWEA, and BNI,” he added.

Mr. Wong Keet Loong, Chief Executive Officer of CGCC said “We are excited to partner with Maybank again this year for the BCC Programme, and the expanded outreach with BNI and CWEAto launch this important programme. We believe that the BCC Programme will be a valuable resource for SMEs in Cambodia and will help our entrepreneurs to grow and succeed with the broader opportunities to access to financing and improve financial literacy, which is aligned with our goals at CGCC”

H.E. Chea Ratha, Vice President of CWEA endorsed “we are delighted to participate in this initiative, as it aligns with our mission of empowering women entrepreneurs through upskilling and networking. We encourage all CWEA members and women entrepreneurs alike to take advantage of this opportunity to grow and learn.”

Mr. Kruy Rithy, President of BNI-Super also expressed his/her optimism on the training. He/she said “We are confident that this partnership will be mutually beneficially, as it will allow our members to expand their networks, develop new skills, and grow their businesses.”

In this signing ceremony, there was also a panel discussion on “Cambodia Economic Outlook, Challenges and Opportunities of SMEs”, participated by 4 panelists: H.E. Dr. Sok Siphana, H.E. Chea Ratha, Mr. Rath Sophoan, and Mr. No Lida, Deputy CEO of CGCC.

In 2022, the BCC Programme trained nearly 100 SMEs and financial advisors on various topics including business registration in Cambodia, importance of financial discipline, branding and digital marketing, as well as the aspects of managing human resources. The trainings were presented by subject-matter experts and professionals from locally renowned law firms, business consulting, advertising agencies and financial institutions.

Meet the Pig Farm Business Owner Who Received a Credit Guarantee from CGCC to Support His Business

Posted on June 12, 2023June 14, 2024 by Sorn Chhorvyvatey

Read and Download in PDF: Mr. Sok Nalen, owner of a pig farm using a large-scale biogas plant Kampong Chhnang province

In 2014, I started this pig farm business. Initially, this farm was a farm raising piglets, but in 2019 this it was transformed into a bigger farm supplying meat.

When starting this business, I faced two main challenges: technical and financial challenges. Technology changes rapidly from one year to another requiring businesses to have enough capital to keep up with it. Based on the technical standard, my farm must have a biogas plant to protect the surrounding environment by reducing emission of toxic fumes and odors. The biogas plant can also recycle waste and other residuals. Fortunately, Biogas Technology and Information Center (BTIC) provided technical support to me to restore and set up a biogas plant for my farm. However, I need more capital. With the cooperation with CGCC, BTIC introduced me to a way to access non-collateralized loans with credit guarantees. With CGCC’s guarantee, I could get a business loan from Canadia Bank as requested on time without collateral. The guaranteed loan served as my working capital, which allowed me to continue building a new biogas plant to support my pig farm.

Obtaining guaranteed loans depends on the potential of my business, namely the possibility of growth, a good credit history, and the required documents that prove the need for the loan for my business. Other business owners who require additional capital, but no collateral can also seek for credit guarantee from CGCC through CGCC’s PFIs.

Understanding CGCC Portfolio Guarantee Scheme

Posted on June 12, 2023June 19, 2023 by Sorn Chhorvyvatey

It has been two years since CGCC launched Cambodia’s first-ever public credit guarantee scheme on 29 March 2021 – the Business Recovery Guarantee Scheme (BRGS) – when Cambodia was at the peak of the COVID-19 Pandemic. Shortly after the launch, Cambodia experienced a 3-week lockdown on 8 April 2021. In that situation, the credit guarantee was more needed than ever when potential businesses struggled to access the required capital to stand on their feet. Two more schemes were then introduced: Co-financing Guarantee Scheme (CFGS) and the Women Entrepreneurs Guarantee Scheme (WEGS) to support businesses. The BRGS, CFGS, and WEGS are regarded as the Individual Guarantee Scheme (IGS), which means the PFI shall seek guarantee approval from CGCC on a piecemeal basis before each guaranteed loan disbursement.

On 1 January 2023, CGCC hit a new milestone by introducing the Portfolio Guarantee Scheme (PGS) after approval was granted by the Deputy Prime Minister, Minister of Economy and Finance. PGS is a scheme under which guaranteed loan criteria are pre-agreed by CGCC and PFI to enable the PFI to enroll multiple loans in PGS without having to get CGCC’s guarantee approval on each loan prior to loan disbursement. As such, PGS enables quicker outreach and turnaround time than the previous Individual Guarantee Schemes (IGS).

Understanding Credit Guarantee-Canadia Bank’s View on Partnership with CGCC

Posted on January 19, 2023May 30, 2023 by Sorn Chhorvyvatey

Read and Download in PDF: Hear from our PFIs_Canadia Bank

As one of the first banks who become CGCC’s PFIs, what motivates Canadia Bank to utilize the credit guarantee schemes with the existing loan products of Canadia?

One of the main reasons that motivates us to use credit guarantee schemes is that we believe that the CGCC credit guarantee scheme can help potential business owners who need loans to for their businesses but do not have enough collaterals to access more capitals to meet the financial needs of their businesses, especially to recover and expand the businesses after the COVID crisis has been eased.

After adopting CGCC’s credit guarantee schemes for more than a year, how do those schemes benefit the bank and your customers?

We have provided loans under the CGCC credit guarantee schemes to more than 200 clients with a total loan size of nearly $ 20 million over the past year. Through these guaranteed loans, clients are able to expand their business in various sectors that generate more employment and contributed significantly to the country’s economic recovery.

How does Canadia Bank structure loans with credit guarantee?

We have CGCC’s guaranteed loan programs for potential clients with good credit histories and clear business plans. It can be provided to both existing customers and new customers.

Recently, both Canadia Bank and CGCC have each launched products supporting women entrepreneurs. How will the “Smart Lady Loan” and CGCC’s “Women Entrepreneurs Guarantee Scheme” (WEGS) impact women-owned SMEs in greater access to finance regarding unsecured loans?

“Smart Lady” of Canadia Bank and “Women Entrepreneur Guarantee Scheme (WEGS)” of CGCC are making a significant contribution to support women entrepreneurs to access to the finance for their business needs, avoiding high-risk and risky loans. Through these two projects, women entrepreneurs have not only been able to access their loans more easily and conveniently but have significantly reduced their financial costs, especially in the first year, which included lower interest rates and guarantee fees. In addition, women entrepreneurs will receive many other benefits through the Smart Women Lady loan program from Canadia Bank.

Canadia Bank is currently the top performer of using CGCC’s scheme, what is Canadia Bank’s strategy of further expanding the usage of credit guarantees, especially to the rural area SMEs?

We continue to reach out to our target customers, especially those who have potential businesses but do not have sufficient collateral to secure a loan. We will also continue to link credit guarantee schemes with our new loan products to provide a wider range of options for our customers.

As the credit guarantee topic is a new topic in Cambodia, how should Canadia Bank and CGCC do to raise awareness of credit guarantee to the borrowers?

In order to raise awareness about credit guarantee, we should continue to promote it more comprehensively, especially reach out to more business owners through social media, workshops, business associations, etc.

5 important things SMEs should understand to apply for guaranteed loans!

Posted on November 18, 2022May 30, 2023 by Sorn Chhorvyvatey

Read & Download Full Article in PDF: 5 important things SMEs should understand to apply for guaranteed loans!

Credit guarantee aims to support businesses, especially SMEs, access to formal loans. Under CGCC’s current schemes, CGCC provides credit guarantees on loans disbursed by banks and microfinance institutions that are the participating financial institutions (PFIs) to the borrowers. To reap the benefits of credit guarantees, the borrowers must be ready to apply for loans from the PFIs in the first place. Understanding how the PFIs assess the borrower’s creditworthiness helps the borrower better prepare to get the guaranteed loans.

Conditions

5 important things SMEs should understand to apply for guaranteed loans!

Before approving a loan, the bank must be convinced about the loan purpose and the appropriate loan amount for such purpose. How can the borrowers convince the bank? A reliable business plan and financial statement are good testimony to justify the loan purpose and amount. A proper business plan and financial records not only make it easier to borrow but also allow borrowers to critically examine the current business condition and plan better for success. Precisely, they help gauge the appropriate loan amount and repayment capacity. Indeed, borrowing the right amount matters. A surplus borrowing costs unnecessary accumulated interest, fees, and prepayment penalties, while inadequate borrowing may hinder potential business growth. This is called “condition,” one of the 5 Cs that banks use to evaluate borrowers’ creditworthiness.

Collateral

Given that the condition is satisfied, banks also require “collateral” to protect themselves against loan default. The banks typically provide loans worth about 70% of the borrower’s collateral value. The collateral requirement is one of the main challenges for borrowers’ access to loans from banks. According to IFC, of all small and medium enterprises that approached banks for loans, 66% were rejected because of lacking collateral requirements. This is why CGCC comes in. CGCC provides credit guarantees to banks to act as collateral on behalf of the borrowers. CGCC’s PFIs can assess the borrower’s creditworthiness by treating the credit guarantee as the borrower’s collateral. This reduces the collateral burden for the borrowers when applying for loans.

Capacity

The ability to repay the loan is the fundamental requirement for the bank to approve a loan. Regardless of satisfactory conditions and collateral or CGCC’s guarantees, the banks would not lend, and CGCC cannot guarantee if the borrowers cannot prove that they can repay the loans. So how can the borrower justify the “capacity” to repay? Again, this is when a reliable business plan and financial record can come into play. A proper financial statement tells the borrower’s assets, liabilities, equity, income, and cash flow which are reliable sources to evaluate the repayment capacity. Plus, the business plan describes the future business trajectory in which future income can also be used to justify the repayment capacity.

Capital

If banks provide business loans, they want to know how much own “capital” the borrower put into the business. This matters because it shows the borrower’s commitment to the company where the loan proceeds will be used. It shows “skin in the game.” How can the borrower master this? The proper financial record should show the owner’s equity in the business. Official supporting documents such as partnership agreement and company registration are valid evidence of the borrower’s investment in the company. Usually, banks find it more challenging to assess informal or unregistered businesses because they lack reliable sources of the document to validate their creditworthiness. That is why businesses are encouraged to register to improve their access to finance.

Character

Another criterion to prove the repayment capacity is the “Character” of the borrower. Notably, banks investigate the borrower’s credit records, including loan repayment history, number of loans, and current loan outstanding, etc. The primary purpose is to assess the borrower’s trustworthiness. Currently, Cambodia Credit Bureau (CBC) provides comprehensive credit reporting on individuals and businesses, which is helpful for banks to evaluate the borrower’s character. However, in some instances, if your credit records are not favorable, you need to strengthen other Cs to convince the banks. For example, during the COVID-19 Pandemic, many businesses face challenges leading to late debt repayment and loan default, adversely impacting their “Character” and “Capital.” In this case, to get loans, the borrowers need to demonstrate a solid business plan which can improve “Condition” and “Capacity” and utilize CGCC’s credit guarantees which can improve “Collateral.”

As we can see, the 5Cs – condition, collateral, capacity, capital, and character – are important factors that banks evaluate the borrowers before deciding to lend. Improving the 5Cs increases the chance of getting loans from banks. A reliable financial statement and business plan can be used to validate every Cs, while a credit guarantee can help address the “Collateral” issue.

Give Non-Collateral a chance! Credit Guarantee Mechanisms and Benefits for Banks, MFIs and Businesses

Posted on November 18, 2022May 31, 2023 by Sorn Chhorvyvatey

Download the Full article in PDF: Give Non-Collateral a chance!

Lack of collateral is the main challenge for businesses in Cambodia to get loans. The Royal Government of Cambodia established the Credit Guarantee Corporation of Cambodia (CGCC) to address this challenge. With credit guarantees, borrowing without collateral is no longer impossible. For CGCC to yield the benefits requires a good understanding from relevant stakeholders about how it works.

Simply put, CGCC provides credit guarantees to share the credit risk with the banks on loans made to businesses. In other words, the banks can claim from CGCC if the guaranteed loan defaults. There are two main types of credit guarantee – individual guarantee whereby the guarantee covers individual loans and portfolio guarantee whereby the guarantee covers a portfolio consisting of multiple loans. Since CGCC itself is not a lending institution, it currently collaborates with banks and micro-finance institutions (MFIs) that are the participating financial institutions (PFIs) to provide guaranteed loans to businesses. As a government-backed institution with adequate capital in its account, CGCC is set to provide a wide range of guarantees on loans disbursed to Cambodian-owned businesses across the country.

Why should the lender need the credit guarantee?

Give Non-Collateral a chance! Credit Guarantee Mechanisms and Benefits for Banks, MFIs and Businesses

When lending, banks normally protect themselves by requiring collateral from the borrowers. When the borrower cannot repay the loan, the banks liquidate the collaterals to cover the loss. If the required collateral is not sufficient, the bank is unlikely to lend. The collateral requirement becomes more stringent, especially during times of uncertainty such as the COVID-19 Pandemic, because businesses are perceived to be riskier, and banks become more risk-averse. Now with CGCC, the banks can protect themselves with the credit guarantee instead of the collaterals. Currently, CGCC provides credit guarantees up to 80% of the outstanding loan principal which means that the bank bears the remaining 20% of the loss if the loan defaults. The credit guarantee empowers banks to remain competitive in the market and to lend out more to underserved borrowers who lack collaterals, what is referred to as “credit additionality.”

Why should the borrower need the credit guarantee?

Credit guarantees increase the borrowing capacity. CGCC provides guarantees that act as collateral on the borrower’s behalf. Needless to say, CGCC cannot be beneficial for every business. By all means, if the business has sufficient collateral and the ability to repay the loan, the chance is that such a business does not need a credit guarantee, and the bank would also be happy to lend even without CGCC’s guarantee. However, it is common that a potential business with the ability to repay the loan is unable to borrow because of insufficient collateral. Businesses simply cannot pledge the collateral on every loan they wish to borrow. The collateral is limited. This is a huge loss to the business and the economy as a whole. With the required loan, the business could have generated more income, employed more workers, and produced goods or services that contribute to the economic growth of the country. When CGCC provides guarantees to the banks, the borrowers now have easier access to loans from the banks because the banks are willing to lend more with less collateral requirement.

Credit guarantees are used by many countries as a policy tool to improve access to finance and financial inclusion. However, never before has a credit guarantee corporation been incorporated in Cambodia. According to the World Bank, “Public credit guarantee schemes (CGSs) are a common form of government intervention to unlock finance for small and medium enterprises (SMEs). More than half of all countries in the world have a CGS for SMEs and the number is growing.” While many credit guarantee schemes have proved successful in supporting the SMEs, many have also failed.

It is still early to assess how far and how fast CGCC can support the businesses. CGCC must continue to strengthen credibility, efficiency, and transparency and adhere to the best practices including the World Bank’s principles for public credit guarantee schemes for SMEs to gain trust and support from all relevant stakeholders. What is also important at this stage is that all the players understand and start to utilize the credit guarantees for the right purposes.

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.

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