Logo of Phnom Penh Post newspaper Phnom Penh Post - Gov’t arm issues new round of support for local SMEs

Gov’t arm issues new round of support for local SMEs

Content image - Phnom Penh Post
Khmer Enterprise (KE) said from February 1, it will accept applications from small and medium-sized enterprises (SME) and start-ups that need capital to offset business and operational challenges amid Covid-19. Heng Chivoan

Gov’t arm issues new round of support for local SMEs

Khmer Enterprise (KE) said from February 1, it will accept applications from small and medium-sized enterprises (SME) and start-ups that need capital to offset business and operational challenges amid Covid-19.

These, KE said in a press release, will be for the third iteration of its Khmer Enterprise Assistance Package (KEAP) programme, which targets sectors that have been severely affected by the pandemic such as agriculture, agro-processing, handicrafts, services and information and communications technology (ICT).

KE is an implementation unit of the Entrepreneurship Development Fund (EDF) established by the Ministry of Economy and Finance.

It ran two iterations of its KEAP programme last year, during which it received 278 applications from across the capital and 18 provinces.

Through the ministry, KE provided around $400,000 to 27 SMEs and start-ups over the first two rounds, with individual funds between $5,000 and $20,000, for exclusive use in business operations over a maximum period of one year.

Ministry permanent secretary of state Vongsey Vissoth said the new round of aid packages would help SMEs and start-ups regain their footing and once again constitute the engines of the national economy.

“The government, through the EDF, as well as KE, aim to build a leading force to fight in the economic, trade, as well as technological battle by increasing competitiveness, business efficiency and creating added value for new and a greater number of economic catalysts in Cambodia,” he said.

KE CEO Dr Chhieng Vanmunin said the third iteration of the KEAP programme comes in a timely manner and would be a valuable tool for affected businesses to get back on track.

“KE welcomes financial partnerships from relevant institutions to use the KE aid package platform to build and promote the entrepreneurial ecosystem and economic restoration in Cambodia,” he said.

This third round of the programme will follow the same procedures as last year and will be divided into four phases.

In the first phase, KE will make announcements on Facebook, the media and through its network of partners to raise awareness of the programme and begin receiving applications.

In the second phase, applications will be screened using standardised criteria. In the third phase, selected candidates will be invited to make a presentation on their businesses and their budget management processes to a committee of experts, and in the fourth stage, aid packages will be awarded to the winning candidates.

MOST VIEWED

  • ‘Education’ a priority traffic-law penalty

    A top National Police official on June 21 neither rejected nor confirmed the authenticity of a leaked audio message, which has gone viral on social media, on a waiver of fines for a number of road traffic-related offences. General Him Yan, deputy National Police chief in

  • Siem Reap’s $18M zoo said to educate public, help wildlife

    Angkor Wildlife and Aquarium Co Ltd has invested $18 million in a zoo in Siem Reap province, which will be opened in October to educate and promote animal conservation as well as attract national and international tourists. Currently, the Angkor Wildlife and Aquarium is building the

  • Volunteer scheme to foster ‘virtuous’ humanitarian spirit

    A senior education official said volunteer work contributes to solidarity and promotes a virtuous humanitarian spirit among the youth and communities. Serei Chumneas, undersecretary of state at the Ministry of Education, Youth and Sport, made the comment during the opening of a training programme called “

  • Chinese firms unveil preliminary results on metro, monorail for capital

    Minister of Public Works and Transport Sun Chanthol and representatives from China Road and Bridge Corp (CRBC) and its parent company, the state-owned China Communications Construction Co Ltd (CCCC), met on June 24 for talks on results of the firms’ preliminary study on a potential metro

  • Nestle’s debut may spur dairy market

    Leading confectionery manufacturer Nestle plans to invest in Cambodia by setting up an operation in the near future, a move majorly hailed by local dairy farmers as a means of boosting the fresh milk market in the Kingdom. During a visit by a delegation led

  • ACLEDA, WU to enable global money transfers

    Cambodia's largest commercial bank by total assets ACLEDA Bank Plc and global money transfer firm Western Union (WU) have partnered to offer customers cross-border money transfers to 200 countries via “ACLEDA mobile” app. In Channy, president and group managing director of ACLEDA, said the June 22 agreement