CGC offers RM300 million to help Bumiputera MSMEs

Finance Minister Lim Guan Eng

KUALA LUMPUR JULY 5: The Credit Guarantee Corporation Malaysia Berhad (CGC) is now offering RM300 million to facilitate Bumiputera entrepreneurs who are facing difficulties in obtaining access to financing from financial institutions.

Finance Minister , Lim Guan Eng said, the government has approved a three year extension to CGC to manage the Tabung Projek Usahawan Bumiputera (TPUB-i) contract financing scheme up to June 30, 2022.

Guan Eng said, the scheme is applicable to all economic sectors including construction and supply manufacturing and services.

“The scheme offers a profit rate up to 5% per annum to first time applicants for funding up to RM3 million. Profit rate for subsequent financing of up to RM5 million will be offered at competitive rates,” Guan Eng said in a statement today.

The minister added, interested Bumiputera entrepreneurs are encouraged to apply for the TPUB-i contract financing scheme via, Malaysia’s first MSME financing /loan referral platform. They can also visit the nearest CGC branch or call +603 7880 0088for any queries and to find out further information.

Since the inception of the scheme in July 2009, CGC has approved and disbursed total financing of RM1.58 billion to more than 1,900 Bumiputera entrepreneurs. In 2018, the amount stood RM330 million –an all time high in terms of loan approval value in a year.

Guan Eng said that CGC continues to support Malaysia’s economic development’s agenda by assisting viable micro, small and medium sized enterprise (MSMEs) that lack collateral and a proven track record to secure guarantee and financing from financial institutions.

Since its inception in 1972, CGC has granted over 460,000 guarantees and RM70 billion in financing to both Bumiputera and non-Bumiputera MSMEs in Malaysia. –Malaysia World News

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