CGC offers flood relief financing to small businesses

KUALA LUMPUR: Credit Guarantee Corporation Malaysia Bhd (CGC) is offering its BizBina-i financing to assist micro, small and medium entrepreneurs (MSMEs) whose business operations have been affected by the recent floods.

President and chief executive officer Datuk Mohd Zamree Mohd Ishak said the BizBina-i financing scheme helps existing MSME customers face the brunt of the natural disaster.

"Our MSMEs are our top priority, and we are committed to assisting them to sustain their business operations during these challenging times," he said in a statement today.

This scheme is available to all existing MSME customers. Its aim is to ease their financial burden and help them resume their business operations.

BizBina-i is a direct financing scheme that enables MSMEs to secure financing up to RM200,000 (subject to terms and conditions) with a tenure of up to five years and six months (inclusive of a six-month moratorium on both principal and profit).

MSMEs can use the BizBina-i facility for working capital and/or asset acquisition. They can use the facility to repair and purchase assets for commercial use, and to replace damaged assets as a result of the floods.

-- BERNAMA