SME Bank provided loans of about $53 million last year

PHNOM PENH: In 2022, aided the rehabilitation and expansion of business for about 230 small and medium enterprises in Cambodia by providing loans exceeding 53 million US dollars.

This was achieved through the SME Support Project, which had previously completed its first and second phases, having supported a total of 2,745 enterprises with a budget of 340 million US dollars. The project was a collaborative effort between the Cambodian Small and Medium Enterprise Bank and participating financial institutions.

SME Bank further supported the tourism sector by implementing a joint venture financing project with a total amount of 150 million US dollars, with equal contributions from the Bank of Cambodia, small and medium enterprises, and participating financial institutions. By December of 2022, it had granted loans exceeding 42 million US dollars to around 300 tourism business owners.

To expand its reach, SME Bank opened two new branches in Battambang and Phsar Thmei and established partnerships with 10 small and medium enterprise associations to promote direct lending.

Additionally, it introduced two new direct loan products, Unsecured Loan and Overdraft Facility, and enhanced its core banking system by incorporating additional features such as the FAST 2.0 quick money transfer system in KHR and USD with 27 member banks, and functions for checks, currency exchange, and more.

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