Help for small businesses in getting bank loans


JOHOR BARU: Small and medium enterprises (SMEs) and small-time employers in Johor are urged to come forward if they have problems securing loans from banks.

The Smart Borrowers Organisation of Malaysia (SBOM) president Datuk Lee Chee Weng (pic) said majority of them was at a lost after their applications for loans were rejected by the banks.

He said in a desperate move to get financial assistance for their businesses or operations, some might not have other choice but to borrow money from illegal money lenders.

“Failing to get your loans from banks is not the end of the world and we are here to assist those who failed,” Lee said.

SBOM set up at the end of 2011, with its headquarters in Kuala Lumpur provides free consultation to small-time employers and SMEs whose loans applications were turned down by banks.

He said since its inception, the body had assisted about 50 SMEs adding most of them had been able to get their loans from banks after they were rejected earlier.

Lee said the body’s secretariat of appeal is represented in Johor, Perak, Selangor and Penang and subsequently would be extended to Pahang, Malacca, Negri Sembilan, Sabah and Sarawak.

“We want to educate the SMEs the right procedures of applying for bank loans to ensure their applications will not be rejected,” he added.

Lee said rather than blaming the banks, SBOM would identify what were the real causes of rejection and provide applicants with an amicable solution with the SMEs and the banks.

He said at the same time, banks must also be transparent and reduce their bureaucratic red-tapes, inefficiency and incompetency among their staff.

“If you look at today’s bank officers, most of them are inexperienced and they are more like marketing people rather that problem solvers,” said Lee.

He said the body wanted to create a win-win situation for all parties concerned which in return would help foster and promote conducive investment environment.

For more information on the services provided by SBOM, contact the Secretariat of Appeal at 012-813 9168 or 012-787 8232 or cwlee@sbom.org.my

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