Credit Guarantee Corporation Malaysia Berhad (CGC) and Standard Chartered Bank Malaysian Berhad (Standard Chartered) has recently entered into a partnership agreement that would enable SCB to extend financial assistance to SMEs via the Portfolio Guarantee.First of its kind, the Portfolio Guarantee Agreement to be signed in the financial industry would enable SMEs not only to enjoy a new avenue to gain access to financing but also improved turnaround time in terms of approval and disbursement of loans.
Speaking to the media at the signing ceremony,CGC's Managing Director Datuk Wan Azhar Wan Ahmad said:"Through this arrangement designed for Standard Chartered's SMEs loans we hope to deliver speedier application processing time as the customers eligible for this portfolio guarantee are pre-selelcted based on certain criteria."
Mr. Julian Wynter,Managing Director and CEO of Standard Chartered Malaysia,"SMEs will be the engine of any global economic recovery.Yet,worldwide they are struggling to survive as flight away from risk affects credit flows.It is critical that governments,banks and public agencies,collaborate to avert consistent and wide-scale failure of this sector.
Through the Portfolio Guarantee, a facility of RM50 million shall be made available to the SMEs in the first tranche and eventually up to RM300 million in subsequent tranches.The portfolio Guarantee, aterm loan facility offers a loan range of between RM100,000 to RM500,00 and is designed with the primary objective of providing working capital and asset acquisitionto SMEs.
Speaking to the media at the signing ceremony,CGC's Managing Director Datuk Wan Azhar Wan Ahmad said:"Through this arrangement designed for Standard Chartered's SMEs loans we hope to deliver speedier application processing time as the customers eligible for this portfolio guarantee are pre-selelcted based on certain criteria."
Mr. Julian Wynter,Managing Director and CEO of Standard Chartered Malaysia,"SMEs will be the engine of any global economic recovery.Yet,worldwide they are struggling to survive as flight away from risk affects credit flows.It is critical that governments,banks and public agencies,collaborate to avert consistent and wide-scale failure of this sector.
Through the Portfolio Guarantee, a facility of RM50 million shall be made available to the SMEs in the first tranche and eventually up to RM300 million in subsequent tranches.The portfolio Guarantee, aterm loan facility offers a loan range of between RM100,000 to RM500,00 and is designed with the primary objective of providing working capital and asset acquisitionto SMEs.
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