Canadia Bank, along-established and leading commercial bank in Cambodia, signs a Memorandum ofUnderstanding with Young Entrepreneurs Association of Cambodia (YEAC), toprovide unsecured loans with special terms exclusively for its members.
Canadia Bank, along-established and leading commercial bank in Cambodia, signs a Memorandum ofUnderstanding with Young Entrepreneurs Association of Cambodia (YEAC), toprovide unsecured loans with special terms exclusively for its members.
YEAC is an organizationthat empowers young entrepreneurs by providing them with competitive advantagessuch as capacity-building and supportive policy and business regulatoryenvironment. The strategic partnership between Canadia Bank and YEAC gives anopportunity to YEAC members to have access to financing without collateral. Inturn, these small and medium enterprises (SMEs) will be able to obtain theirmuch-needed working capital and investment to support their recoverypost-pandemic or to keep expanding their businesses.
This strategicpartnership is also part of the Government-led Business Recovery GuaranteeScheme (BRGS) under Credit Guarantee Corporation of Cambodia (CGCC), in whichCanadia Bank was among the first banks to participate. Under this scheme, selectedmembers of the business communities will have access to financial loans with nocollateral requirements when they apply loans with the participating financialinstitutions. The loans will be guaranteed by CGCC.
Canadia Bank, recognizedby the International Finance Magazine as The Best SME Bank in 2018 and 2022, isone of the largest SME loan providers in Cambodia. Canadia Bank has alwaysconsidered the SME business as an important business segment and continues tosupport the Government-led initiatives and working with businesses communitiesto promote access to finance and ensure the growth of SME business in Cambodia.Through its digital ecosystem, innovative products, and payment solutions,Canadia Bank aims to make financial accessibility easier for SME customers.
Mr. Raymond Sia SayGuan, Canadia Bank’s CEO and Executive Board Director, is confident that thecollaboration between Canadia Bank and YEAC will positively impact the growthof SMEs and local businesses across Cambodia.
Hesaid, “With the signing of this partnership agreement, Canadia Bank furtherstrengthens our ties with YEAC and continues to contribute to the growth ofSMEs and business communities as a whole. One of YEAC’s priorities is to ensurethat its members have adequate access to affordable financing, and theseunsecured loans that Canadia Bank will provide exclusively for its members,will help a lot of businesses to have access to the fund they need tostrengthen and expand their business operations. The SME growth will, in turn,fuel Cambodia’s economic progress by driving more productivity, creating jobs,and other exciting opportunities in the workforce.”