In the world as we know it today and perhaps from before, the underprivileged and rural poor struggle way beyond their struggles. Long shunned by the blinding city lights and powerful finance corporations who view them as inaccessible and high-risk with low returns, this is a sector of society that Microfinancing can aid in improving the lives of these people – especially more so in the largely overlooked community of rural women.
Microfinancing in helping Rural Women
Exiting a civil war only in the 1990s, Cambodia has struggled to gain footing on its own as well as finding its place in the Asia-Pacific region. With the system of Microfinancing in place, rural women can gain knowledge and access to financial aid, thereby increasing their understanding which translate to the ability to take control of their finances and businesses.
Investing in the Women who Invest in Themselves
As one of the fastest growing economies in Asia with Agriculture taking the lead, Cambodia also sees strong growth in the textiles industry which is dominated by mostly women. Many of these home-grown, small to medium-sized startups are run by women where Microfinancing steps in as a provider especially towards women borrowers who have the tremendous foresight for growth and the desire to improve their livelihoods.
Despite living in a Covid-19 pandemic age today, there are still ample opportunities to rise above the challenges, and being female does not and should not define weakness in any form. Microfinancing is more powerful than ever in delivering access to credit, and allowing women to pursue and build on their ambitions even in the face of critical economic distress.
The Advantage of Microfinancing out of the Big City
City lights and skyscrapers may represent powerful businesses and growth, but the mindset should also be capitalised on the rural and out-of-town areas where there is an abundance of opportunities and jobs created. Agriculture being a extensive component in contributing to Khmer growth, Microfinancing can aid businesses in this industry and support livelihoods of the greater population who live outside the city.
Diversification for Small – Medium-Sized Businesses – The Key to Survival
To help small – medium-sized businesses expand and ultimately see themselves in diversifying their roles, Microfinancing plays a substantial and important role in providing long-term financial support. Knowing that they have the support from Microfinancing, businesses can confidently place their focus on their efforts to push their limits and find their foothold in a challenging economic landscape.