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The Ministry of Economy and Finance (MEF) on Feb. 24 through Khmer Enterprise (KE) handed over the assistance package grant to 49 startups and SMEs out of 361 applications from 20 provinces and capital in the amount of $415,000 to support entrepreneurs during the Covid-19 Pandemic.
The event that took place at Hyatt Regency Phnom Penh was presided over by H.E. Vongsey Vissoth, Minister Attached to the Prime Minister, Permanent Secretary of State of Ministry of Economy and Finance, and Chairman of Entrepreneurship Development Fund.
Khmer Enterprise Assistance Package is one of the government’s strategic implementation mechanisms to provide financial support to SMEs and startups in addressing business and operational challenges caused by the Covid-19 Pandemic. For the last two years, the assistance package program has been running five rounds and awarded to 90 grantees in the amount of $815,000.
H.E. Vongsey Vissoth said that entrepreneurship is one of the main priorities that the Royal Government has been focusing on to create a thriving and robust private sector that contributes to creating additional value-added, job creation, building resiliency during the crisis and promoting economic diversification. Therefore, the Khmer Enterprise Assistance Package is a strategic program designed to help promote and stabilize potential start-ups and SMEs in the prioritized sectors that are struggling in the Covid-19 crisis.
As a continuous and strategic response to support the potential startups and SMEs in their business recovery journey, H.E. Dr. Chhieng Vanmunin, CEO of Khmer Enterprise stated that SMEs are the backbone of the growing national economy which build resilience and job creation, whereas startups are the driving force behind innovation and solving problems through a new innovative approach. Thus, it’s vitally important to provide assistance and coping mechanisms to both of them while they are struggling financially and operationally to remain afloat during and in the post-crisis.
Dr. Vanmunin added that KE continues to play a significant role to engage with various stakeholders in the entrepreneurial ecosystem to provide follow-up support to startups and SMEs. Once again, Khmer Enterprise will open the application for Assistance Package 2022 in March. Thus, for entrepreneurs who think they have the full potential to receive the support, please apply to the program through Khmer Enterprise’s online application.
Mrs. Soeng Sopha, General Manager of Sela Pepper Co., Ltd, one of the selected grantees said “Due to the Covid-19 pandemic, there are so many challenges that we have faced, in terms of exporting. This causes us the cash flow issue. By receiving the grant from KE, it could support us in buying the stock of raw material from our associated farmers and doing promotion locally. Last but not least, part of the grant is to invest in the packing machine. Sela Pepper is doing our best to promote Cambodia Pepper to the world”.