On 9th June 2021, Canadia Bank Plc and Credit Guarantee Corporation of Cambodia (CGCC) Plc had a Partnership Agreement Signing Ceremony.
This Partnership Agreement allows Canadia Bank to participate in CGCC’s Business Recovery Guarantee Scheme (BRGS) which aims to support business including Micro, Small and Medium Enterprises (SMEs) and Large Firms to enhance their access to formal loans for both working capital and investment or business expansion. BRGS acts as collateral/security for 70-80% of the loan amount borrowed by businesses from the Participating Financial Institutions (PFIs).
Mr Raymond Sia; Canadia Bank Plc CEO in his opening remarks mentioned; “Canadia Bank’s participation in CGCC’s first scheme is another testament of Canadia Bank’s support for our Customers and Community. Canadia Bank is honored to be the first bank to sign & formalize the partnership with CGCC to improve and increase financial access in our local business community; leveraging on CGCC’s Business Recovery Guarantee Scheme (BRGS). This reflects our commitment to grow and support the business community in Cambodia”.
According to Mrs Song Khenglay Canadia Bank Plc EVP / COO & Head of Business Banking; “This scheme allow owners of SME and Large firm gain access to business loans from Canadia Bank with existing collaterals or without additional collaterals subject to the Bank’s assessment process. This scheme duration is from March2021 until December 2021. Priority sectors such as Agriculture, Industry and Services sector will have a lower guarantee fee and customers can apply for loans under BRGS scheme of up to USD1 million for large firm. To-date, we have an encouraging business pipeline of more than 35 customers who have applied for loans under BRGS scheme of which 2 loans have been approved by CGCC”.
Mr Wong Keet Loong; CGCC CEO in his speech mentioned “CGCC is a state-owned-enterprise under the Ministry of Economy and Finance and our partnership with Canadia Bank will be very beneficial for CGCC to reach out to SMEs throughout the country to support them in their loan applications when they do not have enough collateral to pledge to the Bank. This partnership is an important milestone for CGCC to have a solid partner in achieving its objectives”.
Canadia Bank Plc is one of Cambodia’s oldest and largest commercial bank by Balance Sheet size was recently also recognized by The Asian Banker as “Strongest Bank in Cambodia by Balance Sheet Strength” and “Best Retail Bank in Cambodia” for 2021.
For more information, please contact our 24/7 Customer Service Center 023 868 222 or visit Canadia Bank nearest branch.