OCBC Targets 10,000 Women SME Owners by 2030 to Support Female Entrepreneurs

SINGAPORE – According to OCBC Bank data, small and medium-sized enterprises (SMEs) owned by women tend to experience approximately 30% lower sales turnover growth in their initial three years of operation compared to those owned by men. Despite this, female-owned businesses that secure financing through OCBC’s loan program aimed at empowering women entrepreneurs have shown significant improvement in their growth trajectories.Enter OCBC’s loan program targeting female entrepreneurs, which goes beyond financial assistance to provide critical mentorship and networking opportunities to support women-owned businesses. By setting a target of assisting 10,000 women-owned SMEs by 2030 in Singapore, Malaysia, Indonesia, and Hong Kong, OCBC aims to bridge the gender gap in business ownership and empower more women to succeed in the SME sector.The initiative has already made a positive impact, with one in every three of OCBC’s SME customers across the four regions being a woman entrepreneur. This shows that targeted support and resources can help level the playing field for women striving to grow their businesses.OCBC’s commitment to empowering women in business is a step in the right direction towards achieving greater gender equality in entrepreneurship. By recognizing the unique challenges faced by female entrepreneurs and providing tailored solutions, OCBC is catalyzing a positive shift towards a more inclusive and diverse SME landscape. Through initiatives like these, financial institutions can actively contribute to fostering a more equitable business environment for all aspiring entrepreneurs.OCBC’s focus on supporting women in SMEs extends beyond financial backing to encompass holistic support that addresses the specific needs of women entrepreneurs. By offering mentorship, networking opportunities, and access to resources, OCBC’s loan program aims to empower women to overcome the hurdles they face in business ownership. The bank’s proactive approach to female entrepreneurship sets a strong precedent for other financial institutions to follow suit and develop similar initiatives that promote gender diversity and inclusion in the SME sector.