CGC targets RM4.7 billion financing for SMEs in 2017

KELANA JAYA: The Credit Guarantee Corporation ( CGC) Malaysia Bhd is optimistic of approving higher financing of RM4.7 billion to about 9,500 small and medium enterprises ( SMEs) this year, says president and chief executive officer Datuk Mohd Zamree Mohd Ishak.

“Last year, we approved financing to about 7,500 SMEs valued at RM4.2 billion.

“Despite the current economic situation, we aim to give out more financing and be an effective financial institution dedicated towards promoting SME growth and development,” he told Bernama after officiating a talk on ‘ Retailing in the Digital Era’ here.

Mohd Zamree also said given the increasing demand, CGC would provide guarantee for RM3.5 billion financing obtained from other financial institutions and provide RM1.2 billion direct financing to SMEs.

“Despite the current economic situation, we aim to give out more financing and be an effective financial institution dedicated towards promoting SME growth and development,” he added.

Mohd Zamree said that CGC has, so far, offered 45 guarantee and financing schemes including government-backed schemes for more than 442,000 SMEs valued at about RM61.5 billion.

“We hope to sign memorandum of understandings with two financial institutions to provide guarantee for micro financing this year,” he said, adding that CGC was currently finalising the collaboration effort.

The half- day talk, co- organised by CGC and Chinese Chamber of Commerce and Industry of Kuala Lumpur and Selangor, featured speakers from EasyParcel and SILKYGIRL who shared their insight on opportunities and disruptions brought about by digitisation in the retailing business. — Bernama