Public Bank to extend RM1bil SME via SJPP

Public Bank said the financing would cover all existing and future financing schemes guaranteed by SJPP.

KUALA LUMPUR: Public Bank Bhd will be extending RM1bil in financing to small and medium enterprises (SMEs) through a strategic collaboration with the Finance Ministry’s credit guarantee agency Syarikat Jaminan Pembiayaan Perniagaan Bhd or SJPP.

In a statement, Public Bank said the financing would cover all existing and future financing schemes guaranteed by SJPP, such as the working capital guarantee scheme and pemulih government guarantee scheme.

Managing director and chief executive officer Tan Sri Tay Ah Lek said the collaboration with SJPP would further boost SMEs’ access to financing.

“With a substantial domestic exposure of RM67bil for SME-based commercial lending as at the end of 2022, equivalent to an 18.6% industry market share, Public Bank is committed to serving the SME segment and helping them to prosper, expand and further contribute to the country’s economic growth,” he said. — Bernama