KUALA LUMPUR: Malayan Banking Bhd (Maybank) has partnered with Credit Guarantee Corp Malaysia Bhd (CGC) to provide up to RM1.5bil of financing to the small and medium enterprises (SMEs).
The scheme is via CGC's portfolio guarantee scheme, which is the largest ever amount in Malaysia to support local SMEs in expanding their businesses.
Under the scheme, SMEs can apply for either the Islamic or conventional loans from Maybank and the minimum amount is RM50,000 and the maximum is RM1.5mil and at a fixed tenure of up to seven years.
While the financing is processed by the bank, 70% of the principal financing amount will be guaranteed by CGC.
The RM1.5bil portfolio guarantee allocation is in addition to the RM1.26bil approved by Maybank in 2014 and another RM1.1bil last year, said Maybank head of community financial services Malaysia Datuk Hamirullah Boorhan.
He added Maybank remains the leading supporter of CGC’s portfolio guarantee scheme in Malaysia, offering lending facilities to SMEs with a total approved amount of RM3.2bil to date.
* See also Maybank aims to disburse RM13bil loans to SMEs this year
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