Nearly 300 Cambodian SMEs apply for loans from ARDB
Cambodia’s Agriculture and Rural Development Bank (ARDB) said that it has received more than 288 loan applications so far with a total value of 31 million USD from small and medium sized enterprises (SMEs), according to Khmer Times.
Phnom Penh (VNA) – Cambodia’s Agriculture and RuralDevelopment Bank (ARDB) said that it has received more than 288 loanapplications so far with a total value of 31 million USD from small and mediumsized enterprises (SMEs), according to Khmer Times.
In March this year, the Cambodian government allocated 50 million USD specialfund for SMEs. The fund is designed to specifically focus on agri-processing,food processing, agri-business, crops including vegetables, livestock and theaquatic business plus any enterprise that uses raw materials from agriculture.
The banksaid the government has recently reduced the interest rate from 6 to 5 percentfor working capital and 6.5 percent to 5.5 percent for investment capital, aswell as increase the repayment period for up to seven years. SMEs can borrow upto 300,000 USD.
Kao Thach, ARDB Director-General, said the bank had also cooperatedwith Cambodia’s Investors Club (CIC) acting as a credit guarantee on behalf ofthe borrowers, especially owners of SMEs, and provides cooperation by offeringinformation on borrowers to the bank. The CIC will also help the SME owners wholack collateral to get additional working capital to expand their business andboost relationships between them and producers, processors and goods collectorswith the bank as a basis to make a loan assessment.
However,he said the credit guarantee on behalf of the borrowers will be only for mediumenterprises or manufacturing, not small-scale enterprises.
Thach alsourged and encouraged the SMS owners across the countryto quickly prepare the necessary documents in order to get a loan from the ARDBto expand their business./.
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Kao Thach, ARDB Director-General, (Photo: VNA) 
