Saturday, May 18, 2024

Prince Bank’s New Business Recovery Guarantee Scheme to Support SMEs

Credit: Prince Bank

Prince Bank Plc., together with Credit Guarantee Corporation of Cambodia Plc. are in partnership to allocate business loans to support SMEs during the pandemic. Through the Government’s Business Recovery Guarantee Scheme (BRGS), the initiative is said to provide a total of $200 million increase of new loans.

CEO of Prince Bank Plc., Honn Sorachna, stated that the economic instability caused by the pandemic had a profound impact on local businesses, rendering them more dependent on external funding sources.

BRGS will help micro, small, and medium enterprises as well as large firms gain access to traditional loans from Prince Bank for capital investments and business expansion.  Honn noted that the scheme was in line government’s initiative to ensure survival and recovery of the economy.

With the funding scheme in place, Cambodian-owned businesses can leverage on the unsecured loans to cushion the impact caused by the pandemic and, at the same time, enables business owners to restructure their financial capabilities.

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