Enterprising young businessman Kheng Sophanara has turned his modest hardware store in Kampong Speu into an in-demand warehouse that now even distributes construction materials to neighbouring provinces.
Doting father Sophanara, 33, harboured ambitious plan to start his own business to earn a sustainable income to support his two young children.
So he started a hardware store in Kampong Speu province in June 2020, forming a formidable business partnership with his wife Keo Leakna, also 33.
While the business generated around $3,000 a month, his store was unable to meet the soaring demand in the area for construction materials, particularly zinc roofs.
The far-sighted entrepreneur was confident of growing his business and turned to Woori Bank for financial support to expand operations.
His request for working capital fit into Woori Bank corporate policy of providing business loans, and $31,000 of funding was approved in August 2020.
The bank’s convenient and stress-free financing changed his fortunes – his profits tripled to $9,000 per month as he was able to meet large-scale demand for zinc roofs after expanding his business.
“Now that I have my own generator, I can supply zinc roofs not only in Kampong Speu province but to provinces such as Kampong Chhnang, Kandal and other nearby areas.
“As well as supplying building materials, I can also provide custom-made zinc in all sizes according to the requirements of individual customers and for larger projects,” said Sophanara proudly.
But the couple had bigger business plans.
Sophanara approached Woori Bank again for financing and they obliged by giving him another loan that helped the couple scale up their business, with the store now includes hardware products such as plumbing supplies and other construction materials.
His income shot up to around $13,000 per month.
“I am very happy because I can produce zinc roofs to fit the requirements of individual customers and companies, for both small and big building projects, and I am earning a larger income,” he said.
His determination has paid off – with Woori Bank playing a crucial role by providing the necessary funding for his business expansion.
Driving financial inclusion
The success story of Kandal province businesswoman Man Hany is testimony to Woori Bank’s vision of financial inclusion – one that is rewarding female entrepreneurship in the Kingdom.
With the help of the working capital provided by Woori Bank, the industrious mother-of-three diversified into fashion and beauty products – transforming her slow-moving grocery store into a bustling business.
The business loans not only helped Hany scale up her business but also provide a better standard of living for her family.
After studying her detailed business expansion plan, Woori Bank provided much-needed working capital.
Woori Bank supplied her money in three tranches – and the first loan of $10,000 in 2018 helped her build up her shop and make a profit every week.
When she received the second loan of $11,000 a year later, Hany expanded again by stocking more goods, and diversifying her business by adding beauty products.
Her profits then soared to around $500 a week.
“I obtained the third loan of $20,000 in 2020 to further expand our store by also selling shoes. We could then earn $1,000 per week.
“Woori Bank’s loans changed my life and improved my family’s wellbeing.
“Now we enjoy a higher standard of living and my three sons have access to a good education,” said an excited Hany.
The financial lifeline provided by Woori Bank helped Hany set her business growth in a positive direction – leading her to escape financial distress.
Staff and Customers help out
Woori Bank has initiated a campaign for donating to the Ministry of Health, which customers and staff contribute to by transferring donations to a special Woori Bank account. As of December 2020, the ministry had received $4,419 and 1,318,100 riel.
workers and education
Woori Bank in September donated $620 for the purchase of 1,150 masks, 230 bottles of hand wash and 230 eco-friendly bags for Cambodian workers travelling to South Korea for work.
In October last year, the bank donated $5,500 to Cambodian workers through the Ministry of Labour and Vocational Training to procure 5,000 face masks and 1,000 bottles of handwash. The following month, Woori Bank funded $1,000 for the reconstruction of the ground floor of Hun Sen Takhmao High School in Kandal province’s Takhmao town.
Donations to the Royal Government of Cambodia
Woori Bank donated $50,000 to the Royal Government of Cambodia to purchase Covid-19 vaccines. In addition, Woori Bank contributed $10,000 to the Ministry of Health and donated medical supplies to local communities to fight the pandemic.
With good will towards contributing to public services in Cambodian communities and aiding pedestrians, Woori Bank in August 2020 installed large parasols at traffic light junctions and along some of the main streets of Phnom Penh.
The three-metre-wide parasols offering shade during the heat of day and providing coverage in rainy season are built with strong metal frames and firm foundations.