Credit Guarantee Corporation of Cambodia and Chip Mong Bank officially collaborate to provide guaranteed loans to SMEs
January 13, 2022Events and Activities
Credit Guarantee Corporation of Cambodia (CGCC) and Chip Mong Bank Plc. officially announce the partnership in the signing ceremony on Credit Guarantee Agreement on January 13, 2022 at Chip Mong Bak Touk Center, to provide guaranteed loans to businesses especially SMEs who lack of collaterals for their businesses’ working capital and investment.
Mr. John Bell, President of Chip Mong Bank said “Chip Mong Bank has always been committed to supporting businesses and small and medium enterprises (SMEs) in Cambodia by providing a wide range of loans with low interest rates and long-term repayments. In addition, Chip Mong Bank always welcomes any cooperation from all stakeholders in order to help develop businesses and SMEs to be stronger and more sustainable.”
He added: “The current agreement between Chip Mong Bank and the Credit Guarantee Corporation of Cambodia will help Chip Mong Bank customers to be more likely to get a loan even if they do not have enough collateral. This collaboration is very beneficial for customers, the bank as well as the national economy, as SMEs business owners who are in need of financial assistance can apply for a bank loan with better terms and larger number of loans under the guarantee from CGCC.”
Mr. Wong Keet Loong, CEO of CGCC said that: “CGCC is delighted to sign our 1st partnership agreement for 2022 with Chip Mong Bank. This partnership will make up a total of 22 participating FIs for CGCC to provide guaranteed loans to SMEs.
He added : “As business activities improve, the demand for loans for working capital or business expansion will increase. The credit guarantee will be beneficial to support the collateral required for business owners when they apply for their loans. We are optimistic that more SMEs or businesses will benefit from the guaranteed loans.”
The partnership agreement between CGCC and Chip Mong Bank will be the key supports to facilitate the business owners, including SMEs, who are financially viable and are in need of loans for business development, but now lack collateral. You can apply for a loan from Chip Mong Bank with confidence.
CGCC is a state-owned enterprise operated under the technical and financial guidance of the Ministry of Economy and Finance (MEF), and officially incorporated in November 2020. CGCC’s mission is to provide credit guarantees to lenders on loans made to businesses based on international standards to share the risk with lenders and to improve financial inclusion.
As of 11 January 2022, CGCC has supported 199 businesses by providing credit guarantee for their loan applications, amounting to more than USD 22 million. In term of type of borrowers, CGCC has provided the most to SMEs, which is accounted for 95% of the total businesses receiving the credit guarantee from CGCC.
About Chip Mong Bank
Chip Mong Bank is a digital commercial bank established in January 2019 and has a strong shareholding from Chip Mong Group. In the more than three years of operation, Chip Mong Bank has total assets of more than USD 800 million, of which total loans have increased by more than USD 500 million and received deposits more than USD 700 million.