SMEs in dire need of assistance

Bank Negara can introduce a similar funding scheme that can cater to SMEs that have contracts or orders in hand, but need fresh working capital. “These funds can be guaranteed by CGC and also with the condition that part of the new business proceeds must be used to settle the existing NPL," says TK Teo. Khoo, an experience banker.

ON the eve of Malaysia Day, I was delighted to share a few drinks and cigars with my two elderly sifus, Peter Khoo and TK Teo. Khoo, an accounting and tax practitioner and Teo, an experienced banker and corporate personality, have such great stories to tell with much wisdom imparted from their past experiences.

But our discussion turned sombre when I asked them how bad has this pandemic-driven recession affected Malaysian SMEs, as compared with other recessions since 1987.