144 OCBC has introduced a new initiative, the OCBC Women Entrepreneurs Programme, aimed at supporting women entrepreneurs by providing up to $100,000 in financing for small and medium enterprises (SMEs) owned by women. The program is designed to assist women-owned businesses within their first two years of incorporation, with processing fees for loans under this scheme being waived. In addition to financial support, the program offers educational workshops, networking opportunities, and mentorship from other female entrepreneurs. Currently, a quarter of OCBC Singapore’s SME customers are owned by women, highlighting the importance of supporting female entrepreneurship. According to OCBC, women-founded SMEs represented 30% of newly incorporated businesses in 2023, with significant representation in sectors like Education, Retail, Healthcare, Business Services, and F&B. Despite slightly lower growth in sales turnover within the first three years of operations compared to male-owned SMEs, women-owned businesses that accessed financing experienced growth, bridging the gap. The OCBC Women Entrepreneurs Programme is set to expand to Malaysia and Hong Kong in the future. Financing under this program will be provided through the OCBC SME Sustainable Finance Framework, which now includes social loans. These social loans aim to enhance the socioeconomic progress of women in the economy and bolster the growth and resilience of women-owned businesses, aligning with OCBC’s commitment to social responsibility and inclusive economic development. You Might Be Interested In U.S. Fed Policy Report Highlights Potential Risks in Financial Sector NTSB Probes Southwest 737 MAX “Dutch Roll” Incident Community Health Network Partners with Biofourmis to Advance Care-at-Home Services Boeing in Spotlight Again as Plane Loses Wheel Mid-Flight TIAA and Nuveen Lifetime Income Default Target-Date Offerings Reach Nearly $35 Billion in AUM Nvidia Surges to Top Spot, Reflecting AI Boom
