CGC introduces new SME financing scheme

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The Credit Guarantee Corporation Malaysia Berhad (CGC) has introduced a new scheme to help uplift the development of new businesses and their role in the country’s economic growth. BizMula-i direct financing is a scheme that provides financing to entrepreneurs viewed as high risk within the financial sector with efficient funds to start up their new business. The underlying principle is to encourage and nurture budding businessmen with reliable business plans, satisfactory business insights and a high entrepreneurship drive. CGC’s President and CEO, Datuk Wan Azhar Wan Ahmad, said the Syariah-compliant scheme is unique because businesses will be directly financed by CGC, with financing ranging from RM50,000 to RM300,000 and a repayment tenure of up to seven years. He said it was crucial for new businesses to have the ease of access to hassle-free financing facilities as relying solely on the use of their own funds will be insufficient to sustain and strengthen their businesses. He added that BizMula-i is the first scheme in CGC’s series of initiatives to ensure that the operations of new businesses become successful, adding that over the years CGC has been instrumental in providing an assortment of financing options for SMEs.

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