The Credit Guarantee Corporation Malaysia Berhad (CGC) has entered into a strategic partnership arrangement with Maybank to avail up to RM1.5 billion of financing to the small & medium sized enterprises (SMEs) via CGC’s portfolio guarantee (PG) scheme, the largest ever amount in Malaysia to support local SMEs in growing their businesses further.
This strategic partnership was formalized by Maybank Head of SME Banking, Mohd Zaini Aris and Leong Weng Choong, Chief Business Officer of CGC. It was witnessed by Maybank Head of Community Financial Services Malaysia, Datuk Hamirullah Boorhan and President/ CEO of CGC, Mohd Zamree Mohd Ishak.
Under the PG scheme, SMEs can apply for either Islamic or conventional financing facilities from Maybank, from a minimum of RM50,000 up to a maximum of RM1.5 million and at a fixed tenure of up to seven years. While the financing is processed by the Bank, 70% of the principal financing amount will be guaranteed by CGC.