CGCC Archives - Page 16 of 24

CGCC supports the accelerating SMEs’ Financial Literacy through the “I’m Financially Literate Program” second cohort

Posted on October 17, 2022June 1, 2023 by Sorn Chhorvyvatey

“I’m Financially Literate Program” was successfully launched by Sathapana Bank, in partnership with Khmer Enterprise, Manulife Cambodia, and Credit Guarantee Corporation of Cambodia (CGCC). The second cohort of this program was organized on 08 & 09 and 15 & 16 October 2022 to provide non-financial services to SMEs and MSMEs and especially women in business.

More than 30 Entrepreneurs and business owners attended the second cohort, and shared their experiences as well as related financial issues, and they also had the opportunity to learn more about entrepreneurship, prepare financial statements for Business, understand loans with banks and choose the right loan for their businesses.

This training program is specifically designed to provide practical skills and experience related to financial literacy and business management skills, as well as access to business networks that can drive business growth for entrepreneurs, especially women entrepreneurs.

CGCC supports the accelerating SMEs’ Financial Literacy through the “I’m Financially Literate Program” second cohort

I’m Financially Literate Program receives success after the launch of the 1st cohort to Help Business Owner and especially Women in Business Become Financially Literate and Financial Inclusive

Posted on October 14, 2022June 1, 2023 by Sorn Chhorvyvatey

Sathapana Bank, a leading commercial bank in Cambodia, successfully launched the first cohort of I’m financially Literate (IFL) in partnership with Khmer Enterprise, Manulife Cambodia, and Credit Guarantee Corporation of Cambodia (CGCC) to provide non-financial services to SMEs and MSMEs and especially women in business.

The success of the first cohort is acknowledged by the business owners who attended the class. Business owners gained a new understanding of their business model, cash flow management and the use of capital and debt.

“Throughout the 4-day course over two weekends, there were crucial lessons related to financial management especially on how to read the financial report and financial analysis. I, now, learnt that there are 4 ways to read the financial report,” said Mrs. Kheng Khattavy, Founder and Managing Director of Eternity Title Co., Ltd.

The success of the program is due to the course material designed to solve the pain-points of business owners including a lack of business and financial literacy skills, the lack of confidence or reluctance to apply for loans, improper cash flow management and credit score building. This course is delivered with in-depth knowledge, practical example and case studies lectured by two certified financial literacy and business management trainers in local language.

”Business owner is likely to prioritize the profit gain. Over the times, they ignore the discipline of following the business plan or proper financial planning which leads to unhealthy cashflow management, known as the business pulse. What I have learnt today is practically important and way beyond my self-research study,” said Sopheap, Managing Director and Founder of Akphiwatt Rental Solutions.

H.E. Dr. Chhieng Vanmunin, Chief Executive Officer of Khmer Enterprise mentioned that Khmer Enterprise serves as a national platform to support more Cambodian start-ups and SMEs to grow and scale. All programs are tailored to fit all stages of business from ideation to investment through entrepreneurial promotion, capacity upgrading, networking to seed funding. The collaboration with Sathapana bank on the IFL program will bring our mission closer by fulfilling the financial gap that best prepares Cambodian entrepreneurs for the next stage of business scaling and investment opportunities.

“Sathapana Bank fully supports IFL program which offers tremendous benefits, networking opportunity and in-depth financial knowledge to business owners. We believe that this training course is a good asset for women entrepreneurs to improve, grow and sustain their businesses with enhanced financial skill,” says Mr. Fung Kai Jin, Chief Executive Officer of Sathapana Bank.

Financial literacy allows business owners to make effective decisions with their investments, better manage their resources, and achieve their business goals. Therefore, Manulife is proud to support this program with our strategic partner Sathapana Bank, knowing this initiative will provide financial education to support the development of women entrepreneurs. This also aligns very well with our mission to build a better future for Cambodia. says Mr. Justin Helferich, CEO and General Manager, Manulife Cambodia.

“CGCC strongly supports women entrepreneurs for financial literacy to achieve financial inclusion. We believe that this training program can support women-owned SMEs on all levels of the business spectrum to be financially literate to improve and grow their businesses. This joint effort with Sathapana Bank, which is one of our most active partners in providing guaranteed loans to women-owned SMEs, and the other two sponsors, will provide more opportunities and support towards this segment of SMEs,” says Mr. Wong Keet Loong, Chief Executive Officer of CGCC.

The training course does not only provide practical business training and development but also networking opportunities to help Women in Business (WIB), SMEs and MSMEs better connected for future collaboration. For example, one SME owner who runs a cake shop has already been linked with the Coffee Shop owner during the training course.

Mrs. Gechhoung, Fy Long Electronic Store Owner and Sathapana Bank customer claimed that “If we do not have any fundamental financial knowledge, we just manage our business with no direction. Secondly, I also got to build good connections with many business owners though networking.”

The program is open from September 2022 to January 2023. All business owners are encouraged to register through this link: https://forms.office.com/r/dNausSrKxK or scan here.

Credit to: Khmer Times, Published on 14 October 2022

CGCC Sharing the Credit Guarantee Schemes at the Dissemination of New Measures and Legal Framework and Measures of the Ministry of Tourism

Posted on September 30, 2022June 2, 2023 by Sorn Chhorvyvatey

On Friday, September 30, 2022, Mr. No Lida, Deputy Chief Executive Officer of CGCC, participated as a speaker and shared about the Credit Guarantee Schemes at the Seminar on “Applying for Tourism Licenses via CamDx and Dissemination of New Measures and Legal Framework of the Ministry of Tourism” in Siem Reap Province, presided over by H.E. Song Tong Hap, Secretary of State of the Ministry of Tourism, with the participation of officials from Ministry of Tourism, and representatives from associations of tourism and travel agents.

CGCC Sharing the Credit Guarantee Schemes at the Dissemination of New Measures and Legal Framework and Measures of the Ministry of Tourism

At the seminar, CGCC’s DCEO highlighted the role of credit guarantee as an additional supporting mechanism initiated by the Royal Government of Cambodia to facilitate access to finance for companies/businesses that lack of collateral when applying for loans to banks/microfinance institutions. At the same time, in line with the policies of the Royal Government of Cambodia to support the survival and economic recovery during and after the COVID-19 pandemic, CGCC also launched a Co-Financing Guarantee Scheme for Tourism (CFGS-TR) to support the recovery of businesses in the tourism sector affected by the COVID-19.

He also strongly encouraged the Association of Tourism and Travel Agents and participants in this workshop to spread the information about the credit guarantee schemes, especially CFGS-TR, which is specially designed with favorable conditions to address the challenges of business owners in the tourism sector.

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CGCC and DGB Bank signed the partnership of credit guarantee agreement to provide more support for business loans that lack of collateral

Posted on September 23, 2022June 2, 2023 by Sorn Chhorvyvatey

(Phnom Penh, 22 September 2022): Credit Guarantee Corporation of Cambodia (CGCC) and DGB Bank has entered into a partnership on a credit guarantee agreement to expand support for businesses in all levels, ranging from micro to large firms in Cambodia that lack collateral in accessing to formal loans for their businesses with CGCC’s guarantees.

CGCC and DGB Bank signed the partnership of credit guarantee agreement to provide more support for business loans that lack of collateral

As a state-owned enterprise, operated under the technical and financial guidance of the Ministry of Economy and Finance (MEF), CGCC has launched credit guarantee schemes to enhance easier access to finance despite collateral challenges and provide the most support to SMEs, aligning with government strategy in SMEs development. Under this partnership agreement, DGB Bank becomes one of the 24 CGCC’s Participated Financial Institutions (PFIs) in providing guaranteed loans to businesses, especially SMEs that lack collateral for their working capital and business expansion.

Chief Executive Officer of CGCC, Mr. Wong Keet Loong mentioned that “The volume of guaranteed loans over the last 6 months has been increasing. This indicates that the credit guarantee has supported SMEs in obtaining loans to grow their business. Our participating FIs are able to share the risks of the loans with CGCC.”

Mr. Wong added that “The collaboration with DGB Bank further reinforces our outreach to support more SMEs throughout the DGB branch network. We are glad that DGB finds the benefits of the credit guarantee to support their loan growth and risk weight.”

Chief Executive Officer of DGB Bank, Mr. Oul Dethsokhom said that “DGB bank is very excited of being able to sign the credit guarantee agreement with CGCC. With credit guarantee, the bank can take part in supporting businesses growth in the country and Cambodia’s economy in the ASEAN region”.

Mr. Oul Dethsokhom continued that “We were poised to enter into another government-led credit guarantee scheme dedicated to supporting SME business which could not procure funding source its own collaterals/guarantee.”

This joint force between CGCC and DGB Bank will enable businesses, especially SMEs, to have greater access to loans for their business growth by increasing borrowing capacity with the risk-sharing of credit guarantee schemes. It allows SMEs to borrow even without collateral and to get a higher loan amount with the same collateral value than they would otherwise get without a credit guarantee.

About CGCC

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 31 August 2022, CGCC has supported 661 businesses by providing credit guarantees for their loan applications, amounting to USD 64.8 million equivalent. CGCC has provided the most guarantee to SMEs, which accounts for 95% of the total businesses receiving the credit guarantee from CGCC.

About DGB Bank

DGB was “inaugurated as commercial bank” on September 01, 2021, with esteemed virtual participation from CEO of Daegu Bank and top management of the Bank. Throughout the year, the Bank unveiled four flagship products: deposits (CASA), remittance (domestic & Oversea), DGB Mobile app and ATMs services.

The Bank has, in line with the NBC’s Prakas, lent hands to the clients by undertaking the plight of loan restructures, easing their grim burden during financial predicament.

CGCC sharing about credit guarantee schemes and benefits for members of BNI Cambodia

Posted on September 21, 2022June 7, 2023 by Sorn Chhorvyvatey

On 21 September 2022, Ms. Pin Manika, Manager of Marketing and Business Development of CGCC, participates as a guest speaker in the weekly meeting of the BNI Cambodia Chapter Brilliant and presents on CGCC’s credit guarantee schemes to more than 30 business owners.

CGCC sharing about credit guarantee schemes and benefits for members of BNI Cambodia

This sharing session is organized to promote credit guarantee schemes to potential business owners and to provide solutions for them on financial support response to the challenges of lack of collateral when applying for loans.

Business owners who are BNI Cambodia members are very interested in CGCC’s credit guarantee scheme and enthusiastically ask further questions regarding to the process and conditions of applying for guaranteed loans. Members experienced in successfully requesting guaranteed loans also encourage other members to firstly contact banks or MFIs who are CGCC’s partners in case they need to apply for loans but do not have enough collateral.

CGCC and Maybank Co-organized the “SME Building Capacity and Capability (BCC) Programme”

Posted on September 19, 2022November 10, 2023 by Sorn Chhorvyvatey

On 17 September 2022, CGCC and Maybank Cambodia co-organized the “SME Building Capacity and Capability (BCC) Programme” at Maybank Tower, participated by more than 50 SME entrepreneurs to provide business support instruments and technical advisory based on international best practices to support SME growth, productivity and innovation, as well as enhance competitiveness for SMEs.

Mr. No Lida, Deputy CEO of CGCC, remarks on the importance of this program for SMEs beyond the cooperation between CGCC and Maybank Cambodia, and Mr. Duk Sarak, Head of Community Financial Services of Maybank Cambodia, relayed the opening remark for the event. SME participants had the opportunity to learn about the topic of “Business Registration in Cambodia” from SokSiphana & Associates, “The Importance of Financial Discipline for SMEs” from Acclime Cambodia, “Access to Finance and Guarantee Scheme” from Maybank Cambodia.

CGCC and Maybank Co-organized the “SME Building Capacity and Capability (BCC) Programme”

Upon the collaboration on providing loans with credit guarantee, on November 2021, CGCC and Maybank Cambodia also co-organized the Business Forum on “Supporting SME Businesses in Cambodia” to discuss more details about the possibility of collaboration on how to support SMEs for greater access to finance despite collateral issue and the support of SME’s capacity Building and long-term growth.

11th Board of Directors Meeting of Credit Guarantee Corporation of Cambodia (CGCC)

Posted on September 14, 2022June 20, 2023 by Sorn Chhorvyvatey

On 13 September 2022, CGCC organized the 11th Board of Directors Meeting, at CGCC’s office, under the chairmanship of H.E. Ros Seilava, Secretary of State of the Ministry of Economy and Finance, and the chairman of the CGCC’s Board of Directors, with the presence of all members of the Board of Directors.

11th Board of Directors Meeting of Credit Guarantee Corporation of Cambodia (CGCC)

The agendas of this 11^th Board of Directors Meeting included: (1) CGCC Progress Report, (2) PFI Application, (3) Strategic Business and Budget Plan for 2023, (4) Amendment to Finance Manual, (5) Credit Risk Policy, and (6) Other agenda

CGCC’s Board of Directors Meeting is regularly organized to review, endorse, and approve CGCC’s activities and progress, especially the credit guarantee schemes, to ensure transparency and efficiency of CGCC.

You might be to know more about: How Private Finance Initiatives (PFIs) Work

Click here to know more about: 12th Board of Directors Meeting of Credit Guarantee Corporation of Cambodia (CGCC)

CGCC supports the accelerating SMEs’ Financial Literacy through the “I’m Financially Literate Program” first cohort

Posted on September 12, 2022June 7, 2023 by Sorn Chhorvyvatey

“I’m Financially Literate Program” was successfully launched by Sathapana Bank, Co-sponsored by Khmer Enterprise, Manulife Cambodia, and Credit Guarantee Corporation of Cambodia (CGCC). The first cohort of this program was organized on 03 & 04 and 10 & 11 September 2022 to provide non-financial services to SMEs and MSMEs and especially women in business.

More than 30 Entrepreneurs and business owners attended the first cohort, and shared their experiences as well as related financial issues, and they also had the opportunity to learn more about entrepreneurship, prepare financial statements for Business, understand loans with banks and choose the right loan for their businesses.

CGCC supports the accelerating SMEs’ Financial Literacy through the “I’m Financially Literate Program” first cohort

Click here to read more about: CGCC supports the accelerating SMEs’ Financial Literacy through the “I’m Financially Literate Program” second cohort

CGCC visits PFIs provincial branches in kampong Speu, Preah Sihanouk, and Kampot, to Enhance Collaboration on the Credit Guarantee

Posted on September 6, 2022June 7, 2023 by Sorn Chhorvyvatey

From 29 August to 02 September 2022, CGCC team led by Mr. No Lida, Deputy CEO of CGCC, visited provincial branches of selected participating financial institutions (PFIs) to discuss with the management and staff of the selected PFIs the implementation of CGCC’s credit guarantee schemes. The selected PFIs in 3 provinces including Kampong Speu province: Canadia Bank and AMK Microfinance Institution; Preah Sihanouk province: ABA Bank, LOLC Microfinance Institution, Sathapana Bank, Canadia Bank, AMK, and Acleda; and Kampot Province: ABA Bank, Acleda Bank, AMK, and LOLC.

The discussions with CGCC PFIs’ provincial branches in these 3 potential provinces provided opportunities for both CGCC and PFIs to enhance mutual understanding of credit guarantees and opportunities for PFIs to increase lending to borrowers that lack collateral when requesting loans, especially where the provinces are the potentials in tourism sector, CGCC got the chance to bring awareness of the newly launched scheme, Co-Financing Guarantee Scheme for Tourism Sector, to enhance the support for businesses in tourism sector in getting guaranteed loans from CGCC’s PFIs.

Through these face-to-face discussions with more than hundreds of PFIs’ provincial managements and staffs, CGCC had such a great opportunity to learn directly about the implementation of credit guarantees by these selected PFIs provincial branches as well as their comments and feedback on CGCC’s credit guarantee schemes. CGCC and PFIs will continue to strengthen cooperation in providing guaranteed loans to business owners.

Dissemination Seminar on “Guaranteed Loans to support SMEs Development in Tourism Sector”

Posted on September 2, 2022June 7, 2023 by Sorn Chhorvyvatey

On 01 September 2022, Ministry of Economy and Finance and CGCC organized a Dissemination Seminar on “Guaranteed Loans to support SMEs Development in Tourism Sector” in Kampot Province, in collaboration with the Ministry of Tourism, through the provincial department of tourism, and SME bank, which was participated by more than 50 business owners in the tourism sector.

This seminar was presided by Mrs. Chin Sopheakla, Deputy Director of Kampot Provincial Department of Tourism, Mr. No Lida, Deputy CEO of CGCC, and Mr. Neav Sokun, Chief Operation Officer of SME Bank.

Dissemination Seminar on “Guaranteed Loans to support SMEs Development in Tourism Sector”

Through this workshop, SMEs in the tourism sector, including resorts, hotels, guesthouses, restaurants, etc., were informed about the benefits of getting guaranteed loans, in response to the lack of collateral when applying for loans for the purpose of improving and recovering their business that are impacted by COVID-19 pandemic.

SMEs also learned about government’s financial supporting mechanisms on favorable loans conditions such as low-interest rate through SME Bank and guaranteed without collateral by CGCC.SMEs can request for guaranteed loans for their tourism related businesses through CGCC’s “Co-Financing Guarantee Scheme for Tourism Sector” that act as collaterals for business loans in the tourism sector through “Tourism Recovery Co-financing Scheme” of SME Bank.

Detail of “Co-Financing Guarantee Scheme for Tourism Sector”: https://cgcc.com.kh/en/co-financing-guarantee-scheme-for-tourism/

Tag: CGCC