KUALA LUMPUR: Credit Guarantee Corporation Malaysia Bhd (CGC) has launched the special assistance scheme (SAS-i) to help existing customers impacted by natural disasters. It said on Wednesday the direct financing facility was launched as a proactive effort by CGC to assist their customers to recover and resume their business operations soon after floods, tsunami, earthquake and epidemics. CGC said this SAS-i financing facility would be made available to those who are in towns or districts defined as a disaster area by the National Security Council, Prime Minister’s Department or deemed as a disaster area by CGC. The SAS-i which is based on commodity Murabahah concept and is Syariah-compliant, provides financing which range from RM20,000 to RM200,000 with a financing tenure of up to five years including moratorium period during the first six months with profit servicing only. All installments are to be fully serviced in the subsequent months. The financing rate charged under the SAS-i is 5.80% per annum.
CGC’s president and CEO Mohd Zamree Mohd Ishak said the SAS-i is an initiative to alleviate the financial challenges likely to be faced by CGC customers during natural disasters. “This is where CGC will step in and ensure that our customers are able to overcome challenges and carry on with their businesses with our financing support. Given the current monsoon season, we would like our customers to be prepared for any eventualities,” said Zamree. The SAS-i facility would provide affected customers working capital and/or asset acquisition. CGC’s customers can purchase assets for commercial use, replace or repair facilities damaged during a disaster and also for cash flow management to ensure they are able to operate their business as usual soon after recovering from the natural disaster. This direct financing facility shall be made available to all existing customers of CGC who fulfils the terms and conditions specified under the SAS-i. For more information on this scheme, CGC customers may approach any of its branches nearest to them. CGC operates through a network of 16 branches nationwide. They can also call CGC’s Client Service Centre at 03-7880-0088 or email firstname.lastname@example.org or visit www.cgc.com.my. Since its inception in 1972, CGC has availed more than 430,000 financing to 315,000 SMEs valued over RM56bil. For 2015, CGC targets to provide 8,000 financing to SMEs valued at RM3.2bil.