Bank Muamalat, SJPP signs agreement to enable SMEs, MSCs access to financing

KUALA LUMPUR: Bank Muamalat Malaysia Bhd and Syarikat Jaminan Pembiayaan Perniagaan Bhd (SJPP) has signed an agreement to enable Malaysian small and medium enterprises (SMEs) and mid-sized companies (MSCs) to access financing.

In a joint- statement today, they said under the agreement, Bank Muamalat’s business customers could apply for the PEMULIH Government Guarantee Scheme (PGGS) that provided financing assistance via new financing, restructuring of current financing facilities and further funding of working capital to help entrepreneurs revitalise their businesses.

Bank Muamalat president and chief executive officer Khairul Kamarudin said the agreement affirmed its commitment to accelerate efforts to assist SMEs and MSCs to regain their footing and focus on increasing their resilience in the next phase of the COVID-19 crisis.

"Bank Muamalat will continue to assist businesses to secure much-needed capital which will be essential for their long-term recovery and growth,” he said.

He said the bank also has existing financing programmes, namely Teraju Bumiputera Healthcare Supply Chain Financing Programme (BSC Healthcare) and MARii Automotive Vendor Financing Programme.

SJPP principal officer Chen Yin Heng said the government is committed in providing continuous support to SMEs as well as MSCs through various initiatives, including PGGS with an allocation of RM20 billion.

"Our guarantee fee of between 0.75 per cent to one per cent per annum, coupled with the underlying

government guarantee, would offer the companies competitive rates of financing by the financial institutions

of up to RM20 million,” he said.

The Government Guarantee Schemes that were established by the government and managed by SJPP has been vastly utilised with more than RM47 billion guarantees have been provided to over 45,000 SMEs in all industries such as manufacturing, services, retail and trade. - Bernama
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights


Next In Business News

China drafts rules to ease property developers' use of escrow funds
Hong Leong Assurance announces several appointments
Sunway Malls sees traffic and sales recovery to 100% in 4Q21
Asia shares fall as Treasury yields hit fresh highs
Titijaya to explore collaboration on Bandar Cassia project
KAB makes foray into hydro power sector in Indonesia
Banks, tech counters weigh on Bursa
SCIB jumps 34.15% in early trade
China bond yields dip after flags more easing
Oil rises to 7-year high as Turkey outage adds to tight supply outlook

Others Also Read