CIMB has announced RM15 billion allocation to assist 100,000 Malaysian SMEs in the next two years.
The Bank said in a statement that it will focus on helping SMEs have easier access to loans below RM500,000, in support of the government’s push for an entrepreneur-friendly enabling environment to boost Malaysia’s economy.
Group CEO of CIMB Tengku Dato’ Sri Zafrul Aziz said, “SMEs make up a major pillar of the Malaysian economy and CIMB is committed to boost the SME industry in Malaysia as well as across ASEAN by leveraging our deep expertise and extensive network within the region. In fact, in 2018, SMEs made up 62% of CIMB’s unsecured lending below RM500,000.”
Its latest offerings include leveraging on business assets as additional working capital; and extending unsecured loans to SMEs who are awaiting their GST refund. The facility is offered at a lower interest rate, with a flexible payment period and interest servicing up to six months, to help small businesses manage their cash flow.