OCBC unveils new financing programme for women SME owners

They can avail of up to $100,000 in loans with processing fees waived.

OCBC has launched a new programme to support women entrepreneurs by offering up to $100,000 financing.

Through the OCBC Women Entrepreneurs Programme, small and medium enterprises (SMEs) owned by women can secure financing within its first two years of incorporation, with processing fees for such loans waived.

The programme also offers educational workshops, and opportunities to network and be mentored by other female entrepreneurs.

Currently, a quarter of the OCBC Singapore’s SME customers are owned by female entrepreneurs, the bank said in a press release.

SMEs founded by women accounted for 30% of newly incorporated businesses in 2023. Women-owned SMEs notably made up half of the new businesses in Education and Retail, and over a third of new businesses in Healthcare, Business Services and F&B, OCBC found.

Women founders also occupied about a quarter of new businesses in Manufacturing, Resources, Building & Construction and Transport & Logistics in 2023.

In general, women-owned SMEs registered slightly lower growth in sales turnover within the first 3 years of operations. However, women-owned businesses which tapped financing to support their growth were able to bridge the gap, OCBC found.

The OCBC Women Entrepreneurs Programme will be launched in Malaysia and Hong Kong at a later stage.

Financing for the OCBC Women Entrepreneurs Programme will be provided under the OCBC SME Sustainable Finance Framework, which has been expanded to include social loans. 

The social loans given under the OCBC Women Entrepreneurs Programme are targeted at improving the socioeconomic advancement of women in the economy and the growth and resilience of women-owned businesses, according to OCBC.