by Fintech News Singapore
March 11, 2024
OCBC Bank has unveiled a SME programme set to launch in April 2024, aimed specifically at supporting women entrepreneurs in Singapore.
The OCBC Women Entrepreneurs Programme offers a targeted approach to financing, enabling female-owned SMEs to expedite their business goals. Notably, startups led by women are eligible for up to S$100,000 in financing within their initial two years, with loan processing fees waived.
This financial support stems from the OCBC SME Sustainable Finance Framework, which now encompasses a section dedicated to social loans. These loans adhere to the Social Loan Principles set by the Loan Market Association, focusing on the economic empowerment of women and the fortification of women-led businesses.
Participants in the OCBC Women Entrepreneurs Programme will also benefit from educational workshops, networking opportunities, and mentorship from seasoned female entrepreneurs, addressing the persistent challenges women face in business.
OCBC data highlights the growing impact of women in the business sector, showing an increase in women-founded SMEs from 23% in 2018 to 30% in 2023. These businesses have made significant strides in sectors traditionally dominated by men and have seen a noticeable uplift in growth when leveraging financing options.
The programme builds upon OCBC Indonesia’s success with its Women Warriors Programme, which has assisted approximately 1,400 women entrepreneurs since its inception in 2020, disbursing over S$300 million in loans.
The initiative is also set to expand to Malaysia and Hong Kong at a later stage.
Linus Goh
Linus Goh, Head of Global Commercial Banking at OCBC said,
“Through the OCBC Women Entrepreneurs Programme, we aim to empower women entrepreneurs to build the right connections and to gain the resources and support needed to grow their companies to their full potential.
Even in a developed market like Singapore, where women founders have a track record of building successful businesses and have grown at a faster rate than their male counterparts over the past 5 years, women-owned SMEs account for only about 30% of all businesses here.”