Standard Chartered Malaysia and Credit Guarantee Corporation (CGC) have signed an agreement that will make available MYR100 million in financing to help small and medium enterprises (SMEs).
Datuk Mohd Zamree Mohd Ishak, President and Chief Executive Officer of CGC, said: “This SCB-CGC RM100 million PG aims to provide working capital for SMEs by easing their burden, helping them to sustain their businesses in this challenging health and economic crises. The timing is perfect and this initiative is pertinent as it also supports the National Economic Recovery Plan or PENJANA to help Malaysia build its economy together as announced by our Prime Minister.”
Abrar A. Anwar, Managing Director and Chief Executive Officer of Standard Chartered Malaysia, said: “We are delighted to be collaborating with CGC again, especially during this time where financial assistance becomes a lifeline for many businesses. With this signing, Standard Chartered and CGC have launched a grand total of 15 tranches worth MYR1.61 billion. Many SMEs in Malaysia have benefited from loans guaranteed by CGC from Standard Chartered and we expect to be receiving more applications.”
Commenting on repayment assistance provided by the Bank, Abrar said: “We have structured an assistance package for SMEs whereby we waive structuring and digital platform fees, provide higher interest rates for current accounts, give preferential rates plus complimentary insurance coverage for COVID-19-related incidences. For trade SME clients, we are also waiving a bundle of trade facilities fees for letters of credit and export handling charges on top of giving preferential FX rates to help them manage liquidity challenges.”