Prince Bank Plc. and Credit Guarantee Corporation of Cambodia Plc. (CGCC) partners to boost economy.
Phnom Penh, Cambodia [July 14, 2021] — Today, Prince Bank Plc. joins hand with Credit Guarantee Corporation of Cambodia Plc. to provide financial support by offering special business loans through the Business Recovery Guarantee Scheme (BRGS) to businesses including SMEs during this challenging operating environment caused by the Covid-19 pandemic.
Recently, the Ministry of Economy and Finance, announced the launch of the Business Recovery Guarantee Scheme (BRGS) by Credit Guarantee Corporation of Cambodia (CGCC) and Prince Bank PLC. is one the pioneer batch of banks supporting this initiative. The first tranche of the BRGS will contribute to $200 million increase of new loans in the banking sector for business owners to borrow from the following CGCC’s participating banks. CGCC’s guarantee will act as collateral/security for 70%-80% of the loan amount borrowed from the PFIs; thus, reducing the physical collateral required from the borrowers.
The uncertain and challenging economic conditions have caused many businesses to find it difficult to manage their cash flow as well as to gain access to additional funding to tie over the current situation, not least the small start-ups, those seeking to expand or invest or to sustain its business. In responding to the current situation, Prince Bank is cognizant of this segment’s needs and is ready to support our customers by providing liquidity for their needs and will be offering preferential rates for their business loans during this challenging time.
Mr. Honn Sorachna, CEO of Prince Bank Plc. mentioned that “The current economic instability due to the pandemic has had a profound impact on local businesses, rendering them more dependent on external sources of funding. In this partnership with CGCC, we aim to support businesses including micro, small and medium enterprises, and large firms to enhance their access to formal loans from Prince Bank for working capital investment and business expansion. In addtion, it is also our commitment to support the government’s initiative for the survival and economic revcovery during the COVID-19 pandemic.”
"CGCC is very pleased with having Prince Bank as one of the participating financial institutions for the credit guarantee scheme. With this partnership, CGCC is able to reach out to support more business borrowers throughout the 32 branches of Prince Bank. As at 30th June, CGCC has total guaranteed loans of USD4 Million and is optimistic that the numbers will increase” said by Mr.Wong Keet Loong, CEO of CGCC.
Prince Bank Plc., participated in CGCC’s initiative
as one of the pioneer financial institutions in the "Business Recovery
Guarantee Scheme (BRGS)" to provide new secured and unsecured loan
applications for the viable businesses. This will enable the business owners who is lack of collaterals to apply for
their unsecured loans at Prince Bank in which the CGCC will be the guarantor for
them to apply the loans they need to support their businesses.
Look no further, we are here to assist Cambodian-owned businesses. Visit Prince Bank today to apply for the CGCC scheme by visiting any branch of Prince Bank near you or contact to 1800 20 8888 (Free Toll) or visit CGCC’s website www.cgcc.com.kh for more information.