CGC offers Financial Assistance to customers that are affected by the floods

KUALA LUMPUR, 8 November- Credit Guarantee Corporation Malaysia Berhad (CGC) announced today that it is reaching out to offer financial relief assistance to its customers whose businesses were affected by the recent floods in the country. The financial assistance shall be offered under its BizBina-i, a direct financing facility that was launched in December 2015 to assist customers that are affected by the natural disasters. This is in addition to the recent announcement by Bank Negara Malaysia (BNM) in relation to the BNM’s Disaster Relief Facility; whereby, CGC will provide 60% guarantee on the financing obtained from any commercial banks, Islamic banks and development financial institutions that are regulated by BNM.

In view of the current flood affecting several states and had disrupted businesses, CGC took the initiative in reaching out to its customers and availing the financing that is required, in order for them to resume business. According to CGC, businesses that are located in towns or districts that are defined as a disaster area by the National Disaster Management Agency (NADMA), Prime Minister’s Department or deemed as a disaster area by CGC, are eligible to the financing under BizBina-i.

CGC’s President / Chief Executive Officer, Datuk Mohd Zamree Mohd Ishak said that the BizBina-i is a financing facility that was developed specifically for its direct guarantee and financing customers in the event of a disaster. “We are very concerned with the situation and with BizBina-i, we hope to ease the difficulties that are faced by our customers” added Zamree.

The BizBina–i, provides financing which range from RM20,000 to RM200,000 with a financing tenure of up to five (5) years, including a moratorium period during the first six (6) months with profit servicing only and for the purpose of working capital and/or asset acquisition. For more information on this financing facility, customers may approach any of its branches nearest to them as it operates through a network of 16 branches nationwide. They can also call CGC’s Client Service Centre at 03-7880-0088 or email [email protected] or visit www.cgc.com.my

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