TAKeo - Kandal branch grand opening ceremony

 

On the 26 Dec 08, CREDIT held its Takeo- Kandal branch Grand Opening Ceremony under the presidency of Mr. Lay Sokha, Bati district governor and Mr. Chan Mach, CREDIT General Manager.

 

The ceremony was also attended by staff and management of CREDIT, district and deputy districts governors, chiefs of communes, chiefs of villages, and other guests totaling nearly 400 people.

“I warmly welcome the presence of CREDIT in Bati district”, Mr. Lay Sokha said “I would like to recommend CREDIT to study clearly potential clients before disbursing the loans so that we do not have problems”. The governor also said that clients will benefit much from loans provided by CREDIT if they use on the right things.

 

Mr. Chan Mach, General Manager of CREDIT said as of Nov 08, CREDIT has total clients more than 33,000 and loan outstanding of about 20 millions. Specifically, CREDIT Takeo- Kandal branch has recently separated from CREDIT Phnom Penh branch and now this branch has 3 sub branches under their supervision: Takhmao sub branch, Bati sub branch and Sa Ang sub branch. Now, CREDIT Takeo- Kandal branch has total clients of approximate 1,700 with the loan outstanding more than USD1.3 millions. The branch will in the future expand its operation areas to other districts of both provinces, Kandal and Takeo.

 

Mr. Chan Mach also states that all levels of cooperation from authority, along with continuous development of Cambodia’s infrastructure in rural areas will help reduce the costs associated with running a microfinance institution in these areas. Cooperation and infrastructure improvements will enable CREDIT to provide quicker services, maintain low interests rates, and be able to reach more people in need of loans in hard to reach rural areas.

battambang branch grand opening ceremony

 

On December 12th, 2008, CREDIT held its Battambang Branch Grand Opening Ceremony under the presidency of Mr. Chhom Bunkhorn, deputy provincial governor, Mr. Tim Amstutz, CREDIT board chairman, and Mr. Chan Mach, CREDIT General Manager.

 

The ceremony was attended by staff and management of CREDIT, CREDIT partner organizations, district governors, chiefs of communes, chiefs of villages, and other guests totaling nearly 400 people.

“I warmly welcome the presence of CREDIT in Battambang province which is currently seeing strong growth in many sectors, especially small and medium businesses. These business owners, such as those in the sectors of arts and crafts, small restauranteurs, etc, need small loans to fulfill their capital needs,” said by Mr. Chhom Bunkhorn, deputy provincial governor.

 

He strongly states that the success of microfinance depends on many factors, such as good services, correct loan assessment, authority cooperation, and partnerships with development organizations.

 

CREDIT currently has about 400 staff, and an outstanding loan portfolio over 18 million dollars with over 32,000 clients who are mainly living in rural areas throughout 9 provinces/cities. Within CREDIT, its Battambang branch has an outstanding loan portfolio over 1.2 million dollars with over 1,300 clients throughout 7 districts, as of October 2008.

 

“Since its establishment in 2003, CREDIT has been continuously growing in all sectors. CREDIT has been actively providing families opportunities to start and expand their businesses, enabling people to improve their family’s standard of living. In the future, CREDIT will offer other financial services in order to fulfill its clients’ needs. It is working on becoming a full capacity institution with the ability to mobilize savings from the public in the near future. Mobilizing savings will increase stability of CREDIT which will create eternal sources of funds which can be further lent to its clients,” said by Mr. Chan Mach, CREDIT general manager.

 

Mr. Chan Mach also states that all levels of cooperation from authority, along with continuous development of Cambodia’s infrastructure in rural areas will help reduce the costs associated with running a microfinance institution in these areas. Cooperation and infrastructure improvements will enable CREDIT to provide quicker services, maintain low interests rates, and be able to reach more people in need of loans in hard to reach rural areas.