CIMB Bank Berhad has announced its commitment to disburse at least RM15 billion in the next two years to help finance 100,000 Small and Medium-sized Enterprises (SMEs) in Malaysia.
The bank 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.
CIMB Group Holdings Bhd group chief executive officer, Tengku Datuk Seri Zafrul Aziz commented, “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 per cent of CIMB’s unsecured lending below RM500,000.
“This year, in line with Forward23, our new mid-term growth plan, CIMB’s refreshed SME proposition is aimed at not just financing smaller firms and entrepreneurs, but also by helping them grow their businesses locally or beyond Malaysia’s shores. With Forward23’s focus on Tech & Data, we are also investing at least RM2 billion to strengthen the Group’s digital proposition. For SMEs, this means simpler and speedier access to our products and services, so they can really focus on running their businesses,” continued Tengku Zafrul.