Phnom Penh, 23 December 2021 - To fully support Cambodian women entrepreneurs who need funds to expand their business and assistance in financial planning, Sathapana Bank has launched its "Women in Business" Program especially designed for women in the SME segment.
The introduction of Sathapana's "Women in Business" Program is proof of the Bank's capability to innovate and develop products and services to serve its customers better – especially the women entrepreneurs who want to grow their businesses.
Under the Bank's "Women in Business" Program is a package of specially tailored products such as Business Installment Loan, Flexi Lending for Home Loans, Payment Solutions, and SMART Savings Account.
Business Installment Loan
For women entrepreneurs looking for a loan without collateral to expand or support their business, the Business Installment Loan is for them. It provides unsecured loans to borrowers with the capabilities to repay but lacks collaterals. Businesswomen can use the loan for investment capital, working capital, or business expansion. In addition, it offers a 50% discount on the processing fee.
Owning their dream home is now made easier with Flexi Lending. Women entrepreneurs can borrow up to 85% of the property value, and it's payable for up to 25 years for a more manageable cash flow. On top of that, the processing, lawyer, and collateral valuation fees are waived.
With Payment Solutions, women entrepreneurs can better manage their cash flow, help them build a good credit history, manage their purchases and sales records, and assist in the collection. Now, Sathapana offers an unsecured credit card which provides a 50% discount on the annual fee for the primary account and a free annual fee for the supplementary account.
SMART Savings Account
For future financial planning and saving for emergency needs, getting the SMART Savings Account will be wise for women entrepreneurs. It offers a 2.50% p.a. interest rate for both USD and KHR currencies. The early closure fee is waived.
Helping Women in SMEs expand increases job opportunities
Aside from its corporate and retail customers, Sathapana also focuses on SME lending in sub-urban and rural areas with a high share of agricultural and female clients. Sathapana's branch network is one of the largest in the country, and the percentage of agricultural clients is high. Almost half of the clients are female.
Due to its unique contribution to SME development and women empowerment in Cambodia, Sathapana plays a crucial role in Cambodia's development. Financing allows entrepreneurs to employ people and grow their businesses.
During the Covid-19 pandemic, the Royal Government of Cambodia has strengthened its efforts to assist local entrepreneurs in growing their businesses. 26% of SMEs are owned by women, while 62% of micro-enterprises are women-owned. Sathapana is well-positioned to help these businesses further enable and sustain these entrepreneurs through its “Women in Business” Program.
Other non-financial services soon
And since the Bank understands the numerous challenges faced by the Cambodian women entrepreneurs, Sathapana is planning to launch a networking and engagement platform specifically tailored for them that will provide non-financial services to enable further these women entrepreneurs to grow their businesses.
Women entrepreneurs interested in Sathapana's "Women in Business Program" can visit any Sathapana Bank branch near them or call the Bank's hotline numbers 023 999 010 or 081 999 010 to get more details.