CIMB aims to disburse RM15bil to help finance SMEs

KUALA LUMPUR: CIMB Bank Bhd has committed to disburse at least RM15 billion in the next two years to help finance 100,000 small and medium enterprises (SMEs) in the country.

The bank said it will focus on helping SMEs have easier access to loans below RM500,000, in support of the government’s push for an entrepreneur-friendly enabling environment to boost the country’s economy.

“CIMB Bank disbursed RM17.8 billion in 2016-2018 to support the growth of 17,000 Malaysian SMEs by providing working capital, asset financing and trade finance.

“Its latest offerings include leveraging on business assets as additional working capital and extending unsecured loans to SMEs who are awaiting their goods and services tax refund.

“The latter is offered at a lower interest rate, with a flexible payment period and interest servicing up to six months, to help small businesses manage their cash flow,” it said in a statement today.

CIMB Group chief executive officer Tengku Datuk Seri Zafrul Aziz said in line with its new Forward23 mid-term growth plan this year, CIMB’s refreshed SME proposition is aimed at not just financing smaller firms and entrepreneurs, but also by helping them grow their businesses locally or beyond Malaysia’s shores.

“SMEs make up a major pillar of the country’s economy and CIMB is committed to boost the SME industry in Malaysia, as well as across ASEAN by leveraging our deep expertise and extensive network within the region.

“In fact, in 2018, SMEs made up 62 per cent of CIMB’s unsecured lending below RM500,000,” he added. - Bernama