Stanchart, CGC sign agreement to address SMEs’ financing needs

KUALA LUMPUR: Standard Chartered Bank Malaysia (Stanchart) and Credit Guarantee Corp Malaysia Bhd (CGC) today signed a portfolio guarantee agreement to enable the bank to provide financial assistance to the small and medium enterprises (SMEs).

According to a joint statement yesterday, this ninth tranche would see a facility of RM75 million made available with the main objective of providing working capital and asset acquisition to SMEs.

The maximum loan quantum under this portfolio guarantee would be up to RM1.5 million per SME customer subject to eligibility, it said.

Stanchart Malaysia Managing Director/Chief Executive Officer, Abrar Anwar, said the bank was the first bank to sign a portfolio guarantee agreement with CGC in 2009 as SMEs were key players to any economy’s success.

“We are proud to continue the support for SME growth with over 260,000 business banking clients globally which contribute 11 per cent of our retail banking income group-wide,” he said.

CGC President/Chief Executive Officer, Datuk Mohd Zamree Mohd Ishak, said the corporation and the bank, through their close collaborations spanning a decade, had supported 3,056 SMEs in various sectors to get financing to sustain and grow their businesses.

“We remain committed to our common objective, which is to address the unique financing needs of SMEs by providing innovative financing options and alternate avenues to help them secure financing of their choice,” he said. - Bernama