Why BCG for SMEs
Small and medium enterprises (SMEs) form an overwhelming majority of all businesses in Thailand and play a vital role in driving the country’s social and economic development. Through both creating jobs and leading innovation, SMEs also serve as a crucial mechanism in distributing income and reducing inequalities particularly for Thailand’s agricultural sector and have the potential to become social businesses that deliver social, environmental, and economic value on a national scale.
The Bio-Circular-Green (BCG) Model brings together science, technology, and innovation to deliver economic growth in an environmentally-conscious way. Combining the Bio Economy, the Circular Economy, and the Green Economy, the BCG Model is Thailand’s national strategy responding to a global effort to deliver green, inclusive, and sustainable development.
According to The World Bank research on Understanding Poverty, access to finance remains a key constraint to SME growth and is the second most cited challenge SMEs face to expand their businesses in emerging markets and developing countries. Lack of localization and practical approaches to national strategies at the SMEs level further serves as an additional barrier for both policy implementation and the involvement of small businesses. Public-private and civil-society collaborations can deliver the necessary capacity building and funding mechanisms for SMEs to participate effectively in Thailand’s BCG Economy.
What we are doing in the BCG Economy
Yunus Thailand (YT) is working with Thailand’s Small and Medium Enterprises Development Bank (SME D Bank) and the Social Innovation Research and Development Institute (SIRDI) to support small businesses in Thailand. From technical capacity building, network building, to loan application mentorship the collaboration provides strategic support to Thai SMEs working in the bio, circular, and green economy.
The collaboration has the objectives to:
- Promote public awareness of the BCG Model including its economic, environmental, and society impacts
- Increase the access for Thai SMEs who are looking for support from SME D Bank inclusive of both financial and non-financial support mechanisms
The Impact of our Collaboration
Through key activities including the Thailand BCG Forum at Social Business Day 2022, workshops on core topics for women and youth entrepreneurs, as well as personalised loan application mentorship support, YT has worked closely with both SME D Bank and Thai SME entrepreneurs to expand opportunities, enhance collaborations, and increase impact within the BCG Economy. As Thailand moves forward in driving the BCG Economy and the Sustainable Development Agenda, YT will continue to work in partnership with key stakeholders to ensure that small businesses are effectively supported to grow their social-and-environmental businesses.
Take a look at our collaborative activities here!
1. Thailand BCG Forum
2. Empowering Women to entrepreneurship
3. Identifying Business Opportunities and Markets in the Circular Economy
Learn more about our SME-BCG network!
Contact person: Ronakrit Khunchaimang (email: email@example.com)