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Prince Bank Plc. now offers SME Loans under the SME Co-Financing Scheme Phase II with SME Bank

Prince Bank Plc. now offers SME Loans under the SME Co-Financing Scheme Phase II with SME Bank

Posted Date: 2021-09-28

PHNOM PENH, [August 25, 2021] – In our continuous support of the government and the Cambodian businesses to restore the economy from the Covid-19 pandemic, Prince Bank now join hands with Small and Medium Enterprise Bank of Cambodia (SME Bank) to implement the SME Co-Financing Scheme Phase II as a source of financing SMEs in Cambodia.

The SME Co-Financing Scheme is a program that provides support to local SMEs in terms of financing by offering affordable loan rates and favorable loan terms & conditions. Back in mid-October 2020, the SME Co-Financing Scheme (SCFS) phase I have successfully approved loans worth USD 100 million with interest rate capped at 7% to 753 SMEs.

Mr. Honn Sorachna, CEO of Prince Bank Plc. states that “Local SMEs make a significant contribution to a sustained and equitable development of the Cambodian economy. However, during these two years of undergoing the challenges caused by the COVID-19 pandemic, the SMEs sector hasbeen facing difficulties in expanding and/or maintaining their business operation due to the lack of financial supports, struggles to apply for loans, and high-interest rates. As our vision is to provide the best financial solution and to be the financial institution of choice for our customers, we are delighted and looking forward to our continuing support for this financing program with the cooperation with SME Bank”. We hope this SME Co-Financing Scheme Phase II can help our country’s economic recovery and to help our business clients to achieve their business goals, says Sorachna.

"I strongly believe that the fund will be utilized quickly, to ease SMEs with financial difficulties, to resume their business to contribute to the economic recovery. I sincerely thank and acknowledge Prince Bank and all the PFIs for their continued collaboration in this SCFS II." Says Mr. Lim Aun, CEO of SME Bank.

Under the SME Co-Financing Scheme phase II, any SMEs that apply for SME loan at Prince Bank will enjoy the special interest rate from 6.5% p.a. with a maximum loan size up to USD 500,000 and loan tenure of up to 7 years.

Prince Bank is ready to serve new and existing business clients with this SME loan under the SME Co-Financing Scheme as well as the general loan products.

You can apply for loan through 32 branches of Prince Bank Plc. nationwide or call 1800 20 8888 today to consult with the loan specialist of Prince Bank Plc. (Toll-free).