The Cambodia government is continuing its push to promote the country’s small and medium-sized enterprises (SMEs) by helping them attract funding to grow their businesses.
Khmer Enterprise, a unit of the Ministry of Economy and Finance, is rolling out an Investment Readiness program for startups and SMEs. It aims to form a network of investors and bankers to help entrepreneurs understand and engage with new financial partners.
The programme is solely funded by Khmer Enterprise and implemented by local venture capital firm OBOR Management. It aims to find the country’s top SMEs who are looking to take their companies to the next level.
“It is important to enhance the access to finance for startups and SMEs to scale up their business operations. This remains one of the major obstacles for startups and SMEs in Cambodia. After completing this program, it is hoped that startups and SMEs can raise new capital,” said Khmer Enterprise Chief Executive Officer (CEO) Chhieng Vanmunin.
The programme offers training and one-on-one mentoring. Top SMEs will also win cash prizes from a pool of $15,000 from sponsors ABA Bank, AMK MFI, Wing Bank and SME Bank of Cambodia.
OBOR helped establish Cambodia’s number one waste collection firm GAEA, leading rural water provider KWSH and travel aggregator platform Camboticket.
“We are extremely pleased to work with Khmer Enterprise on this program as it is a significant step in the strengthening of the startup and SME support ecosystem, which OBOR has focused on for several years,” said OBOR CEO and Chairman Christophe Forsinetti. “We look forward to supporting young Cambodian companies to become the leaders of their space in the next ten years.”
Applicants are expected to have earned over $100,000 in historical revenue and need to commit to attending half-day workshops conducted in English on Saturdays at the Khmer Enterprise head office. Recruitment starts in January with the core program taking place from February to May next year. After the first two months of training the best of the 25 SMEs taking part will be selected for the final phase of intensive one-on-one training.
This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.