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.