KUALA LUMPUR, October 13th, 2014 – Credit Guarantee Corporation Malaysia Berhad (CGC) brought festive cheer to 50 people in conjunction with the upcoming Festival of Lights celebrations today.

The charity event was part of CGC’s Corporate Social Responsibility (CSR) initiative to provide poor families – some who were physically disabled, hearing impaired and those with special needs – with financial contribution to support them with their preparation for the festival.

This effort embodies the start of the Corporation’s CSR series with a theme to lend a helping hand to society during festivals, in advance.

This noble effort was facilitated in collaboration with Kechara Soup Kitchen Society, whereby the families will be provided with an enjoyable shopping experience and be eased of their financial burdens during the joyous occasion.

CGC President and Chief Executive Officer, Datuk Wan Azhar Wan Ahmad said Kechara Soup Kitchen Society was selected to be a partner with CGC because of the former’s immeasurable experience of working with the homeless and the urban poor in the Klang Valley.

As part of the project, 25 families who came with their loved ones received receive RM250.00 in cash vouchers from CGC to shop for groceries. Aside from this, some of the family members also won additional prizes from a contest that was organised when the shopping spree ended. In total, CGC has allocated RM10,500 for this CSR.

Datuk Wan Azhar said the main objective of the project was to give back to the society and help the less fortunate improve their livelihoods, as well as uplift their standard of living, during festive periods.

CGC Executive Vice President of Corporate Support Nazleena Nordin said this was a total new experience altogether and meaningful as it was more than just handing over a cheque to the beneficiaries but letting them experience the excitement of shopping in person.

T. Shamala, 40, from Sentul said she was very happy and thankful to be receiving the financial aid as it would help her family of four and she has not shopped this way for a long time.

“My husband is disabled and my two children are aged 14 and 17 and still school-going. The groceries we bought today with the cash vouchers can last us for two weeks,” she said, adding that this was the first time she was getting financial assistance and via the recommendation of Kechara Soup Kitchen.

Self-employed contractor M. Siva, 36, from Setapak Jaya, said he was tremendously glad to be receiving the grocery supplies as it will help his family tide over during the festive season.

“This is the first time we are given this opportunity to shop this way and I am very in high spirits that such caring organisations are providing for poor families,” he said, adding that he had come for this shopping programme with his wife P. Savithri, 35, and his sister S. Moogana, 33-years old.

President of Kechara Soup Kitchen Society Dato’ Ruby Khong said this was the first such exciting partnership between CGC, Kechara and the SOGO Shopping Centre, to provide for the underprivileged during festivals.

“We have a food bank and in that list we have a database of all the families. These families were selected in conjunction with the Deepavali festival which is a week away. Usually when we deliver items to families, we will always give them what we think they need. However, this initiative by CGC is fun because the beneficiaries themselves can pick what they require most,” she said, adding that this was more efficient.

Datuk Ruby said she looked forward to working further on similar initiatives with CGC in the near future, especially during all festivals.

The programme saw the participation of CGC Executive Vice President of Corporate Support Nazleena Nordin, Financial Controller Gayah Haji Mohd Nordin, Senior Vice President of Corporate Services Komathi Lalitha Veeriah, CGC staff, the President and representatives from Kechara Soup Kitchen, and volunteers from Kelab Rekreasi CGC (KRCGC).

On a greater scale, CGC has been in the forefront of assisting SMEs with viable business with access to financing. Through its guarantee system, it has financed more than 420,000 SMEs to date and this effort had uplifted the standard of living of thousands of Malaysians indirectly as the SMEs are one of the biggest employers in the country.

About CGC

Credit Guarantee Corporation Malaysia Berhad (CGC) was established on July 5, 1972. Current shareholders are Bank Negara Malaysia (major shareholder) and commercial banks. The core business focus of CGC is to assist SMEs, especially those without or with inadequate collateral and track record to obtain credit facilities from financial institutions by providing guarantee cover on such facilities. CGC has cumulatively guaranteed more than 420,000 loans valued at close to RM52.9 billion since its establishment.

Today, CGC is well on track to achieve its financial sustainability agenda as envisaged under its business transformation plan. In the last four (4) years, CGC has registered an increase in its net profits ranging from RM15.6 million in 2010 to RM121.1 million in 2013.

CGC, known as the ‘credit firm for the small man’ in its early years, focused on helping small enterprises in the agricultural, commercial and industrial sectors. As the Malaysian economy expanded over the years, the demand for CGC’s guarantee services also grew in tandem since its establishment in 1972. The range of products and services were also expanded to cater to larger credit facilities required by medium-sized SMEs.

CGC’s support for SME’s is not only confined to the provision of loan guarantees and financing facilities, but also credit information and credit rating services through its subsidiary Credit Bureau Malaysia. Through the Bureau, CGC assists SME’s to build a credit history and track record to enhance their credibility and bankability to secure financing on their own merit and at reasonable cost.

Other funds currently managed by CGC include the Green Technology Financing Scheme (GTFS) and the Bumiputera Entrepreneur Project Fund (TPUB-i) with a total allocation of RM3.5 billion and RM300 million respectively. To date, CGC had managed a total of 43 guarantee schemes including 16 government-funded schemes.

To date, 15 Islamic banks, 17 commercial banks and seven (7) development financial institutions (DFIs) are participating in CGC’s guarantee schemes, providing customers with a wide network of more than 2000 branches nationwide to avail financing.

SMEs wishing to obtain more information on CGC may call its Client Service Centre at 03-78800088 or visit www.cgc.com.my.