AmBank, CGC Extends Additional RM200 Million for SME Financing
by Fintech News Malaysia March 16, 2023AmBank and Credit Guarantee Corporation Malaysia (CGC) has signed an SME Portfolio Guarantee (SPG) agreement to extend an additional of RM200 million financing for eligible SMEs.
This marks the continuation of the SPG scheme launched in September 2016 where a sum of RM150 million was first allocated and fully subscribed within five months.
Under this scheme, eligible SMEs can apply for financing facilities of up to RM 1 million from AmBank with repayment tenure of up to seven years. Seventy percent of the principal financing amount will be guaranteed by CGC.
The SME Portfolio Guarantee will be available at all AmBank branches nationwide alongside other AmBank SME business solutions including Business Premise Loan, Bank Guarantee OTC, AmBank@Work, AmSignature Priority Banking and Business Current Account.
Dato’ Sulaiman Mohd Tahir
Dato’ Sulaiman Mohd Tahir, Group Chief Executive Officer of AmBank Group said,
“This partnership is in line with AmBank Group’s Top 4 strategy to expand and strengthen our SME business.
Overall, AmBank SME Banking and CGC have allocated a total of RM350 million to date to support the SME businesses in providing working capital financing to qualified borrowers who lack collateral.”
Datuk Mohd Zamree Mohd Ishak, President and Chief Executive Officer of CGC said,
Datuk Mohd Zamree Mohd Ishak
“With the success of the first tranche of RM150 million which we inked with AmBank back in September 2016, we are pleased to collaborate once again with AmBank on a second tranche valued at RM200 million.
This is our fourth PG strategic partnership with AmBank and to date, we have availed RM950 million worth of financing via our PG scheme.”
