Kota Kinabalu: Credit Guarantee Corporation (CGC) Malaysia Berhad aims to further expand its financing assistance and guarantees for micro, small and medium enterprises (MSMEs) in Sabah.
Its President Datuk Mohd Zamree Mohd Ishak said this initiative is in line with Sabah’s vast economic potential and its advantages in key sectors such as tourism, agriculture, manufacturing and human capital development.
“CGC views Sabah as a state rich in potential to strengthen the economic wellbeing of MSMEs. To date, around 3,000 MSMEs in Sabah have received CGC-backed loans amounting to RM780 million.
“Our aspiration is to extend more guarantee support to a larger number of entrepreneurs in the State, especially contractors involved in maintenance works, road construction and the Pan Borneo Highway project,” he said when speaking to the media after paying a courtesy call on Head of State Tun Musa Aman.
The visit was to brief Musa on CGC’s role and readiness to help further empower MSMEs in Sabah. Mohd Zamree said CGC, a subsidiary of Bank Negara Malaysia, has established strategic partnerships not only with the Entrepreneur and Cooperative Development (Kuskop) but also with the Investment, Trade and Industry Ministry (Miti) and the Finance Mnistry.
Through collaboration with the National Entrepreneurship Institute (Insken), CGC also conducts business coaching sessions in partnership with several local banks to help MSMEs strengthen their management and financial structures.
“Entrepreneurs seeking financing may visit CGC’s branch at KK Times Square or use our online platform: imSME,” he said.
“Through [www.imsme.com.my] (http://www.imsme.com.my), business owners only need to fill in their business information in four simple steps. Our system uses an algorithm to recommend financing products offered by banks and CGC itself, based on their specific needs.”He noted that many new entrepreneurs face difficulties obtaining bank loans due to the lack of track records or collateral. “That is where CGC comes in – we assess the business potential, and if it is viable, CGC will act as the guarantor for the loan,” he explained.
Since its establishment in 1972, CGC has approved guarantees totalling RM101.3 billion for more than 400,000 MSMEs nationwide. The corporation is currently conducting a review to determine its guarantee targets for next year in line with the Budget 2026.