Sovannaphum Life Assurance Plc – Cambodia's leading life insurance company with financial strength and trust– is taking its corporate social responsibility (CSR) commitment to a new level by providing financial support to women entrepreneurs operating small-scale businesses.
The company believes in the power of women and their potential to positively impact society, with its CSR set to play a productive role in uplifting the economic status of women.
By partnering with Lady Saving Group, part of the Women Entrepreneurs Act non-profit organisation – Sovannaphum Life is aiming to create an environment where businesswomen can thrive and add value to their own households and society.
The National Olympic Committee of Cambodia (NOCC) is organising the “2023 Women Run 10K” on March 8. Sponsored by Sovannaphum Life, the major occasion will be the company’s first CSR project of the year.
Sovannaphum Life will contribute 4,000 riel for each registered runner to fund its CSR initiatives, with around 2,000 runners expected to participate.
Being held on International Women’s Day, the 10km women’s run – this year themed “Women in Leadership” – starts in front of Wat Botumvotey Park at 5:30am. There will also be a 4km fun run at 5:45am for families and children to enjoy.
Sovannaphum Life Assurance CEO Loke Kah Meng said his company is delighted to be donating funds to Lady Saving Group to support women entrepreneurs.
“We are pleased to collaborate with Lady Saving Group this year to provide interest-free micro-business loans.
"The majority of the funds will be provided to five woman entrepreneurs through Lady Saving Group with interest-free micro-business loans to support their enterprises,” said Loke Kah Meng.
Lady Saving Group conducts regular awareness programmes on financial literacy, entrepreneur leadership, career guidance and mentoring for women.
“We are grateful to partner with Sovannaphum Life to help empower women entrepreneurs with access to education and financial resources to support their businesses.
"Having experience working with micro and informal women business owners, we understand that knowledge and capital are what they really need.
“Women entrepreneurs play important role in social and economic development, so the growth of their businesses will bring prosperity to our society too,” said Virak Bonnarath, Lady Saving Group Co-founder and Strategy and Programme Manager.
A total of $2,000 from the 2023Women Run 10K will be allocated for the CSR project, of which $500 will be given to Lady Saving Group to finance its activities, while five businesswomen will each receive $300 in interest-free loans.
Borrowers need to repay the amount within 10 months, with the money to then be redistributed to other deserving businesswomen.
Kim Sokheng, 48, a laundry operator from Sangkat Chak Angre Krom in Phnom Penh's Khan Meanchey, is the first beneficiary.
The mother of two, who operates her business with four washing machines, plans to use the loan to replace one of the faulty units.
“The interest-free micro-business loan will help expand my business and increase my income, which will in turn help me support my family.
"Other companies should follow Sovannaphum Life’s strategy to support women entrepreneurs to expand their businesses and make them more sustainable,” said Sokheng.
Sovannaphum Life is offering registered Women Run 10K runners special discounts of up to 20 per cent on its premier product, SMILE Life Solutions.
This offer is valid from now until March 31, 2023.