26-year-old heir can now focus on business expansion
A METAL manufacturing operator in Bukit Mertajam, Penang, can now expand his business after securing a RM1mil loan from a development financial institution supervised by the Entrepreneur Development and Cooperatives Ministry (Kuskop).
Seng Fatt Metal Manufacturing operator Sim Chun Wei, 26, secured the loan at 3.5% interest per annum via the SME Bank Success programme to purchase raw materials and increase capacity.
The mock cheque was presented to him by Entrepreneur Development and Cooperatives Minister Steven Sim.
“Businesses like this may not always be known, but they play an important role in Penang’s semiconductor industry.
“Kuskop, on the other hand, plays a role in supporting the growth of local businesses,” Steven said in a media statement.
The minister said it only took three days for SME Bank officers to visit Chun Wei’s factory for inspection after he submitted the required documentation online in January.
“Chun Wei was informed about a month later that the loan was approved,” he added.
The interest rate, according to Chun Wei, is very reasonable.
He was surprised by how efficient SME Bank was, compared to other financial institutions which could take three months to a year to process loan applications.
“I told Chun Wei that he is fortunate to be able to inherit the fruit of his father’s hard work of more than 15 years,” said Steven.
The SME Bank Success scheme is a financing facility aimed at elevating Chinese micro, small and medium-sized enterprises (MSMEs) in terms of production capacity, market penetration and competitiveness.
