KUALA LUMPUR: A total of RM13.2 billion guarantees were issued by financial institutions (FI) for the micro small and medium enterprises (MSME) from April 2020 until June 2022, Credit Guarantee Corporation Malaysia Bhd (CGC) said.
Of the total, RM6.1 billion was for the Special Relief Facility (SRF) and Target Relief and Recovery Facility (TRRF) and RM5.6 billion for the Portfolio Guarantee/Wholesale Guarantee schemes.
Chairman Datuk Mohammed Hussein said in response to the challenging last two years, CGC has been working strongly with its FI partners to provide small and medium enterprises (SMEs) with access to the various schemes provided by the government and Bank Negara Malaysia to help them restart and rebuild.
"Whilst the green shoots of recovery have blossomed for some, many SMEs are still struggling to rebuild and scale up their businesses. Some are even still struggling to restart their business,” he said at the CGC 27tH FI/Development Financial Institution (DFI) and SME Awards 2021 here today.
Presenting the awards was Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz and witnessed by CGC president/chief executive officer Datuk Mohd Zamree Mohd Ishak.
Mohammed said the pandemic has also forced CGC to review and enchance its own effectiveness so that there is congruence with its operational readiness to fulfil the changing needs of the SMEs.,
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Since its inception, CGC has assisted 360,000 MSMEs and availed over 516,909 guarantees and financing valued at over RM90 billion with an average of RM1.8 billion annually.
Currently, CGC is managing 62,276 active accounts.
The annual awards ceremony, which also commemorates CGC’s Golden Jubliee, recognises CGC’s industry partners for supporting its journey since inception, progressing from a traditional guarantee provider to its evolvement into a full-fledged partner to micro small and medium enterprises (MSME).
At 2021’s installation, a total of 31 awards were presented to the winners consisting of 16 awards for leading FIs and DFIs, 14 awards for MSMEs and one award for the non-FI partner.
In conjunction with the awards ceremony, Tengku Zafrul also launched the CGC100, a youth entrepreneurship programme in the collaboration with PINTAR Foundation.
CGC100 aims to inculcate entrepreneurship in the youth and encourage entrepreneurship as a career option, focusing on developing new skills, empowering existing youth skills and cross-skilling. - Bernama