KUALA LUMPUR: Public Bank Bhd will be extending RM1 billion in financing to small and medium enterprises (SMEs) through a strategic collaboration with the Ministry of Finance’s (MoF) credit guarantee agency, Syarikat Jaminan Pembiayaan Perniagaan Bhd (SJPP).
In a statement today, Public Bank said the financing would cover all existing and future financing schemes guaranteed by SJPP, such as the Working Capital Guarantee Scheme (WCGS), Pemulih Government Guarantee Scheme (PGGS) and others.
Managing director and chief executive officer Tan Sri Tay Ah Lek said the collaboration with SJPP will further boost SMEs’ access to financing.
"With a substantial domestic exposure of RM67 billion for SME-based commercial lending as at the end of 2022, equivalent to an 18.6 per cent industry market share, Public Bank remains committed to serving the SME segment and helping them to prosper, expand and further contribute to the country’s economic growth,” he said.
During the signing of the strategic collaboration with SJPP in a special ceremony held in Menara Public today, Public Bank also announced its participation in the Government Guarantee Scheme Madani (GGSM).
GGSM is the latest financing guarantee scheme aimed at rejuvenating the business of eligible Malaysian SMEs and mid-sized companies with a special focus on companies involved in four economic sectors - high technology, agriculture, manufacturing and tourism.
Qualified business establishments from these four focus sectors will be able to benefit from the higher SJPP guarantee coverage of up to 90 per cent and guarantee fee of as low as 0.50 per cent. - Bernama