Prince Bank partnered with CGCC on the Loan Portfolio Guarantee Scheme (PGS) to offer USD 3 Million in Loans to Local Women-Owned Enterprises

[Phnom Penh, July 13, 2023] Today marked Prince Bank Plc. and Credit Guarantee Corporation of Cambodia Plc. (CGCC)’s partnership on the Loan Portfolio Guarantee Scheme (PGS), in which Prince Bank is the lending institution to provide loans to our targeted women-owned enterprises and CGCC is the credit guarantor for the loan portfolio. 

This partnership was signed between Mr. Honn Sorachna, Managing Director and CEO of Prince Bank Plc. and Mr. Wong Keet Loong, CEO of CGCC Plc. and witnessed by Her Excellency Keo Mom, President of Cambodia Women Entrepreneurs Association (CWEA), five board members of CWEA and senior management of Prince Bank Plc. and CGCC Plc. 

In 2021, Prince Bank partnered with CGCC on the Business Recovery Guarantee Scheme (BRGS) to provide financial support by offering particular business loans to businesses, including SMEs, during the challenging operating environment caused by the COVID-19 pandemic.

This year, Prince Bank continues to extend its support to the local economic recovery through the CGCC's Portfolio Guarantee Scheme (PGS) that will specifically offer loans to women or women-owned Micro, Small, and Medium Enterprise (MSMEs) who have difficulty managing their cash flow and in need of additional funding to expand or invest or sustain their business. Under this scheme, the CGCC will act as a collateral guarantee for up to 80% (Eighty Percent) of the loan amount with an attractive interest rate and tenure of up to 6 years. 

Mr. Honn Sorachna, Managing Director and CEO of Prince Bank Plc. stated “Cambodia’s economy is still recovering, and local businesses have endured pressures and struggles to sustain their operations, especially women-owned businesses. Under the Portfolio Guarantee Scheme (PGS), we aim to provide better liquidity with special conditions to women-owned micro, small, and medium enterprises to give them extra support for their working capital to invest and sustain their businesses. It’s always our top priority to support Cambodian individuals and businesses in their financial needs; we are trying harder to enhance our products and services and make them conveniently accessible to our Cambodians.”

Mr. Wong Keet Loong, CEO of CGCC said “This USD3mil portfolio guarantee scheme (PGS) with Prince Bank was structured specifically to support women entrepreneurs in providing guaranteed loans.  We hope that with the bank's strong network, we can increase our guarantees to women-owned businesses.  As at todate, CGCC has guaranteed 40% of its total guarantees of USD130mil to women-owned MSMEs ie. USD50mil.”

He added that “The woman scheme comes with lower interest rates and guarantee fees for the 1st year.  These favorable terms will enable women MSMEs to obtain lower cost of financing.”

Prince Bank is ready to assist and support Cambodian women-owned businesses through the Portfolio Guarantee Scheme (PGS). Visit any nearest Prince Bank branch today to apply for the CGCC scheme or contact 1800 20 8888 (Free Toll) for more information.