Empowering Female Entrepreneurs in Singapore: OCBC’s New Initiative
Are you a woman looking to start your own business in Singapore? You’re not alone! Many female entrepreneurs face challenges, especially when it comes to securing funding. Despite the strides we’ve made towards gender equality, the road to success can still be bumpy for women in the business world.
Breaking Barriers with the OCBC Women Entrepreneurs Programme
To tackle this issue head-on, OCBC is launching the Women Entrepreneurs Programme next month. This exciting initiative aims to support women-led start-ups by offering loans of up to $100,000 within their first two years. And the best part? The processing fees, typically 1.5% of the loan amount, will be waived!
But that’s not all. The programme will also provide access to educational workshops, networking events, and mentorship opportunities. This holistic approach is designed to empower female entrepreneurs to thrive in Singapore’s competitive market.
Statistics Speak Volumes
Linus Goh, OCBC’s head of global commercial banking, pointed out a significant gap: women-owned small and medium-sized enterprises (SMEs) make up only 30% of all businesses in Singapore. This statistic highlights the need for initiatives like the OCBC Women Entrepreneurs Programme to help women establish valuable connections and resources for their businesses.
Real Stories, Real Impact
Didi Gan, founder of med tech company N&E Innovations, shared her journey as a female entrepreneur. Despite creating a successful non-toxic antimicrobial agent and generating over $800,000 in revenue in just the first year, she and her co-founder had to bootstrap their business for two years. Thanks to OCBC’s green financing loan in 2023, they were able to accelerate their growth. Gan expressed her gratitude, stating that without that initial support, their success might not have been possible.
Another inspiring example is Browzwear, a female-led business that revolutionized the fashion industry with its 3D design software. Sharon Lim, the chairperson and former CEO, credited OCBC for encouraging her to think bigger and make strategic moves that propelled Browzwear to become a global leader. With OCBC’s guidance, they expanded into the US and now serve over 1,000 fashion companies worldwide.
Closing the Gender Gap in Entrepreneurship
Despite the presence of talented women in Singapore’s business landscape, a gender gap still exists. OCBC’s findings reveal that women-owned businesses experience lower growth rates in sales turnover during their first three years. However, those that leverage financing effectively can bridge this gap.
Goh emphasized that financing is crucial for scaling up businesses, especially for confident entrepreneurs. Interestingly, OCBC also noted that women entrepreneurs tend to be younger than their male counterparts, which can impact their ability to explore new markets or technologies.
Join the Movement
The OCBC Women Entrepreneurs Programme is a fantastic opportunity for women in Singapore to access funding, education, and mentorship. It aims to empower women to grow their businesses and address the gender gap in entrepreneurship.
To learn more about how the OCBC Women Entrepreneurs Programme can help you, visit OCBC’s official website.
Together, let’s support female entrepreneurs in Singapore and create a more inclusive business environment!