PRESS RELEASE
For immediate release
Credit Guarantee Corporation and Standard Chartered Malaysia LAUNCH New Financing Scheme for Women Entrepreneurs
Target disbursement of RM100 million in the next 18 months
Kuala Lumpur, 22 October 2009 ñ Credit Guarantee Corporation Malaysia Berhad (CGC) and Standard Chartered Bank Malaysia Berhad (Standard Chartered Malaysia) have collaborated to offer yet another initiative for small and medium enterprises (SMEs) ñ the Portfolio Guarantee Scheme for women entrepreneurs. Through the Scheme, the institutions aim to disburse RM100 million in the next 18 months to enable women entrepreneurs to accelerate participation in the economic development.
First in Malaysia, the Scheme for women entrepreneurs offers swift financial access and the opportunity to boost business competitiveness. Women are emerging as a significant economic force in Malaysia and progressively venturing into SMEs. According to a research, there are close to 83,000 woman-owned enterprises, mainly in services, manufacturing and agriculture sectors, and the numbers are expected to increase.
Commenting on this new initiative, CGCís Managing Director Datuk Wan Azhar Wan Ahmad said, ìWith increasing participation of women in the business sector, not only the demand for financing will see an increase but also quicker disbursement of funds. We hope to address these issues through our strategic alliance with Standard Chartered Malaysia, offering a new source of financing for women entrepreneurs and at a much faster rate as the customers eligible for this Scheme are pre-selected based on certain criteria.î
ìWe have been in support of woman-owned enterprises which make up 16 per cent of the SMEs in the country. To date, we have guaranteed close to RM3.7 billion to more than 9,500 women in SMEs,î added Datuk Wan Azhar.
Tiew Siew Chuen, Country Head of Consumer Banking, Standard Chartered Malaysia said, ì99 per cent of business establishments in Malaysia are SMEs. This sector remains a major engine of the countryís economic recovery and we will continue to facilitate and support the growth of SMEs. With women entrepreneurs increasing in the country, we are pleased to offer a special scheme for them in partnership with CGC.î
The Scheme for women entrepreneurs offers a term financing facility, range between RM100,000 and RM500,000, which provides working capital and financing of SME asset acquisitions. CGC will act as the guarantor, offering partial guarantee cover to the loan. The Scheme is made available to women whose businesses have been operating for a minimum of five years and are seeking to expand.
The Scheme also comes with additional benefits such as one-year free insurance coverage of up to RM100,000 against female-related illnesses for the first 100 successful customers and corporate current accounts which yield high interest rates.
Standard Chartered Malaysia will also sponsor the first three women customers to attend the Global Banking Alliance for Women (GBA) Conference in Singapore from 29 to 30 October 2009. The GBA is a coalition of financial institutions whose network provides in-depth access to knowledge, resources, access to capital and market programmes for women SMEs growth and sustainability. These financial institutions are recognised as the ìbank of choice for womenî in their respective markets.
Encouraged by the response of the first Portfolio Guarantee Scheme introduced in April this year, CGC is looking at partnering with more financial institutions in the near future. CGC believes that the initiative complements the Governmentís efforts to support SMEs as it not only creates a new avenue to gain access to financing but also improves turnaround time in terms of approval and disbursement of loans.
For media enquiries, please contact:
V. Kumaran
Head, Corporate Communications
Credit Guarantee Corporation Malaysia Berhad
Tel: 03-78062300 (ext. 232)
23-Oct-2009 10:07:45 AM