CGC aims to approve guarantees worth RM4.9 billion in 2018

GEORGE TOWN: Credit Guarantee Corporation Malaysia Bhd (CGC) is targeting to approve 9,000 guarantees and financing valued at RM4.9 billion this year from RM3.8 billion last year.

CGC marketing and sales senior vice-president Wong Keet Loong said CGC approved about 4,200 gurantees and financing worth RM2.7 billion in the first half of 2018, it was on track to achieve the target by year-end.

Speaking to reporters after attending the CGC Go Digital Talk here yesterday, he said CGC was currently striving to raise awareness among small and medium enterprises (SMEs) on its existence.

Since its inception, CGC has availed over RM67 billion worth of guarantees, financing over 450,000 SMEs, especially those

I believe we can do more… As our aspiration is to become a household name among SMEs (by 2020), and if you are a SME, you will know about CGC. Wong Keet Loong, CGC marketing and sales senior vice-president

with remarkable potential to propel the economic growth to greater heights.

Wong said a CGC survey portrayed that awareness of CGC among SMEs was still lacking.

“I believe we can do more… As our aspiration is to become a household name among SMEs (by 2020), and if you are a SME, you will know about CGC,” he said.

Meanwhile, he said the recent tie-up between CGC and Maybank offered up to RM2 billion financing that would benefit up to 4,000 SMEs from all industries.

“We are working with all the banks and for this time (around), we are working with Maybank to provide up to RM2 billion financing via CGC’s portfolio guarantee (PG) scheme,” he said.

Established in 1972, CGC core business is to assist SMEs, especially those with inadequate or without collateral and track record, to obtain credit facilities from financial institutions by providing guarantee cover on such facilities. — Bernama