Credit Guarantee Corporation Malaysia Berhad (CGC) and Standard Chartered Malaysia are making available RM70 million in financing to provide SMEs with working capital.
The financing facility under a Portfolio Guarantee (PG) agreement is expected to help SMEs sustain their business as they recover. The agreement brings the total amount of tranches jointly launched by both parties to RM1.71 billion, making Standard Chartered the highest contributor among all foreign banks in the country in terms of SME financing.
“The launch of this tranche is timely as it will provide SMEs with the opportunity to revitalise their businesses. It is also aligned to Malaysia’s Economic Recovery Plan or PENJANA as we gear up to bounce back,” CCG President and Chief Executive Officer, Mohd Zamree Mohd Ishak said.
According to a recent Mastercard survey, more than two thirds of SMEs in Malaysia expect their businesses to recover from the effects of the pandemic by April 2021, while 80 percent indicated they have sufficient resources to see out the rest of the year.
“Their agility is key to their resilience, allowing them to quickly transform their businesses to adapt to new ways of doing business. The pandemic has accelerated the SME sector’s shift to digital, not just to thrive in the new normal but also to keep up with evolving customer demands,” Abrar A. Anwar, Managing Director and Chief Executive Officer of Standard Chartered Malaysia, said.
“We understand that our clients have unique needs, and we want to ensure they have access to the assistance they need ranging from payment deferrals to interest-only repayments and debt restructuring which will not be reflected in their record. Our focus is on ensuring they are informed of the options available to them and that we are operationally prepared to provide much[1]needed financing,” he added.
Individuals or businesses who wish to apply for additional financial assistance may contact the Bank’s Client Care Centre at 1300-888-111.
