FASMEC Microfinance PLC. was established on September 7, 2015, establishing the Microfinance Institution, as it sees the important role of SMEs in Cambodia’s economic structure, which has helped both the economic and social development. Small and medium-sized enterprises have (1) built on-site jobs for the Cambodian people, (2) increasing incomes for low-income and vulnerable people, (3) promoting economic growth, maintaining social stability, and engaging in rapid expansion of the private sector.The major challenge facing SMEs is the access to financing according to the previous study of IFC (International Finance Cooperation) and CDRI (Cambodia Development Resource Institute) In particular, micro-enterprises, small businesses still continue to face difficulties in obtaining bank loans to MFIs because of the collateral requirement is too high vehicle to obtain loans in the complex inner problems and micro-enterprises and micro-enterprises themselves as owners did not prepare financial reports Network No definitive business plan preparation in accordance with the law. (Registration),etc.
Seeing this but has not yet been resolved, the Board Directors of FASMEC Microfinance PLC. has discussed that MFIs should be established to provide loans to members as well as other SMEs who are facing these issues. After the establishment of this MFI, we started to mobilize capital from the Board of Directors for the first time, $ 1 million.
FASMEC Microfinance PLC. utilized its full potential in the era of change that the Royal Government has been improving the business environment in Cambodia, making the business of SMEs better. We will not only make ourselves a lender, but we will set up a full package of services for our small and medium-sized businesses.
We will further develop into a bank that will provide more loan size to small and medium enterprises, and will expand the coverage of enterprise loans to 25 cities in the Kingdom of Cambodia.