Credit Guarantee Corp (M) Bhd (CGC) and Standard Chartered Bank (M) Bhd have formed a partnership that will facilitate up to RM300mil in loan facilities for small medium enterprises (SMEs).
The portfolio guarantee agreement, the first of its kind in the local industry, would enable SMEs to enjoy a new access to financing, CGC managing director Datuk Wan Azhar Wan Ahmad said.
“Turnaround time (for loan approvals) would also be reduced substantially, which normally would take some two weeks. With this partnership, we expect approvals to take between one to three days,” Wan Azhar said at the agreement signing here.
This was crucial in a time like this when companies needed financing to grow their businesses, he added.
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