CGC services
BUSINESSES require knowledge and financing to remain viable and sustainable, thus the Credit Guarantee Corporation Malaysia Bhd (CGC) Developmental Programme was established to provide comprehensive services to micro, small and medium enterprises (MSMEs), enhancing their opportunities to succeed.
The CGC Developmental Programme, launched in 2016, provides financial and market access advisory to MSMEs seeking help. This ranges from access to financing and all the way to finding new markets for their products and services.
CGC is committed to the financial inclusion agenda and goes beyond its role as a guarantee provider to MSMEs.
Over the last 49 years, CGC has been evolving constantly to meet MSMEs’ financing needs.
As a result, it has progressed from being a traditional guarantee provider to a financially sustainable institution, providing guarantee and financing products for MSMEs, paving the way for them to remodel their businesses to meet transformation prerequisites.
Steady business: Located in Kampung Pasir Pekan in Tumpat, Kelantan, Warisan Daily Mart is an ethnic grocery store selling specialty food items and retail products.
The objective is to enable smaller companies with limited opportunities to enhance their knowledge, skills and capabilities, assisting them to nurture their businesses and thrive.
Financial advisory
The CGC Developmental Programme has a Financial Advisory Team that is dedicated to assisting MSMEs that were unsuccessful in obtaining business financing.
This team conducts comprehensive reviews and diagnosis, providing one-on-one personalised financial advisory services to the MSMEs.
The team helps the MSMEs to improve their eligibility for financing application in the future by:
> Reviewing unsuccessful applications: Identifying the gaps and advising MSMEs to comprehend the reason they were unsuccessful in obtaining business financing.
> Providing financial advisory: Coaching MSMEs to maintain a good financial and repayment track record.
> Recommending alternative financing: Proposing alternate financiers namely peer-to-peer financing and equity crowdfunding platforms, or other government agencies that may be able to provide alternative funding to MSMEs.
> Improving eligibility for financing: Offering business coaching by referring MSMEs to capacity building agencies for related training programmes, helping them to strengthen their business plans or rectify any shortcomings.
Market access advisory
The market access advisory takes a step-by-step approach, assisting MSMEs to identify their business gaps and improve, as well as scale-up, ultimately leading to success in their entrepreneurial journey.
Among others, market access advisory includes:
Strong business: Located in Kampung Pasir Pekan in Tumpat, Kelantan, Warisan Daily Mart is an ethnic grocery store selling specialty food items and retail products.
> Assessment: Evaluating gaps of MSMEs and recommending relevant knowledge and market access opportunities.
> Advisory workshops: Enhancement of MSME knowledge and skills via various workshops by industry experts on relevant topics related to the latest trends in the market.
This includes digital marketing, business expansion, branding and financial literacy.
Besides the sharing sessions, there are also business matching sessions for MSMEs to meet and gain feedback from potential market channel owners.
> Access to New Markets: Facilitation of MSMEs’ growth with suitable market access, locally, internationally and online.
The hand-holding advisory is targeted to assist MSMEs to expand into new local or international markets or market channels, online and offline. MSMEs will be guided via a suitable intervention programme to enhance their success.
> Business sustainability: Provision of continuous engagement and support for 24 months.
A growing success
Warisan Daily Mart is a CGC Developmental Programme success story.
Founded by Tan Jern Ai’s parents in 2000, Warisan Daily Mart is an ethnic grocery store selling specialty food items and retail products. It is in Kampung Pasir Pekan in Tumpat, Kelantan.
With a background in retail, Tan took over the business in 2014. She quickly realised the need to enhance her capability better manage the business to ensure its growth. Tan visited the CGC Kota Bharu branch four years ago after seeing an advertisement by CGC.
The CGC Developmental Programme enabled her to attend numerous online workshops and this include product photography programme and a digitalisation workshop, which has proven to be invaluable for Warisan Daily Mart, especially during the pandemic.
The training she received at the CGC’s advisory workshops enabled her to better market Warisan Daily Mart’s products during the pandemic.
“The store is also currently more active on social media such as Facebook,” Tan said.
“Through the CGC Developmental Programme, I gained technical skills that enabled me to effectively promote my business. It positively impacted the awareness of the retail market in the area,” she added.
Drawing from her learnings during the workshops, Tan implemented sound business strategies that set her brand apart from her competitors in the market. Her collaboration with local courier service and local vendors ensured better supply to customers in the area.
Tan further mentioned, “Warisan Daily Mart is well engaged with its regular customers by providing delivery service through an e-commerce platform. With our approach, customer satisfaction remains high.”
Tan is optimistic about the future, she is driven to grow Warisan Daily Mart with plans to expand to more outlets in other areas within Kelantan.
For other start-ups and MSMEs looking to grow their businesses, Tan’s advice is to be active and, on their toes, also to seek opportunities for growth through collaboration and partnerships, instead of operating in a silo.
“Perseverance against adversity is key. Stay current with the country’s economic situation, listen to your customers’ input and be willing to cooperate with other MSMEs in order to develop your business further,” she opined.
In addition, she suggested improvement to the modules under the CGC Developmental Programme, this include setting up notifications to programme alumni on future training or workshop opportunities.
As of Dec 31, 2021, the CGC Developmental Programme has assisted 42,397 MSMEs in financial advisory and 7,197 SMEs in non-financial advisory since its inception
You too can apply for CGC Financing today. Accelerate your business growth with the CGC Developmental Programme. Find out more information through https://imsme.com.my/portal/cgc-developmental-programme/. Alternatively, you may call the CGC Client Service Centre at 03-7880 0088 or email csc@cgc.com.my.
