Press Release – CGCC launches USD 30 million Women Entrepreneurs Guarantee Scheme
April 1, 2022Announcement
(Phnom Penh, 01 April 2022): Credit Guarantee Corporation of Cambodia (CGCC) is pleased to announce the official launch of the USD 30 million “Women Entrepreneurs Guarantee Scheme (WEGS)”, effective from 01 April 2022, to support women-owned businesses who lack collateral when applying for loans to enhance their access to formal loans for both working capital and business expansion.
WEGS is in line with the “Strategic Framework and Programs for Economic Recovery in the Context of Living with the COVID-19 in a New Normal 2021 – 2023” of the Royal Government of Cambodia to encourage commercial banks and microfinance institutions to increase additional lending by relaxing the credit guarantee requirements and expanding the scope of guarantees with favorable terms.
WEGS is specifically designed for women and women-owned businesses, aiming to narrow the gap between the supply and demand for financing by providing a higher guaranteed coverage of 80% and a lower guarantee fee for all sectors with favorable credit guarantee features. This scheme is eligible for all types of loan facilities including term loans, overdrafts, trade facilities, etc. WEGS is the third credit guarantee scheme offered by CGCC. As of the end of March 2022, CGCC has supported more than 300 businesses, of which 30% are women-owned businesses. WEGS is available for download from https://bit.ly/3LqV5TV.
CGCC is the first credit guarantee corporation in Cambodia, established by a sub-degree of the Royal Government of Cambodia in September 2020, as a state-owned enterprise under the technical and financial guidance of the Ministry of Economy and Finance. CGCC’s main mission is to provide credit guarantees to improve financial inclusion and support the development of small and medium enterprises.
For more information, please contact CGCC via 023 722 123, or visit CGCC’s official website www.cgcc.com.kh.