SME BANK XCESS 2016
ONE-STOP CENTRE FOR SME ENTREPRENEURS FINANCING NEEDS
KUALA LUMPUR : 8 March 2016 – Close to 1,000 SME entrepreneurs had the opportunity to obtain attractive financing solutions for business expansion purposes during the SME Bank XCESS 2016 launched by YB Dato’ Sri Mustapa Mohamed, Minister of International Trade and Industry.
SME Bank XCESS 2016 provided an avenue for SME entrepreneurs to get one to one consultation on their working capital needs and processing of financing applications within 72 hours subject to complete documentation. For entrepreneurs who submit their application after the program, the processing will be done within 5 days and they enjoy the same benefits. This offer ends on 30 November 2016.
SME Bank Group Managing Director, Datuk Mohd Radzif Mohd Yunus said, “The Bank is targeting to assist approximately 450 companies from SME Bank XCESS 2016 with a financing approval of RM200 million.”
SME Bank XCESS 2016 is part of SME Bank’s outreach program which it undertakes every year to reach the SME entrepreneurs directly. SME Bank has scheduled to have smaller scale outreach programs throughout the country. The next venue would be in Penang (Northern) on 22 March 2016, Pahang (East Coast) on 25 March 2016, Kuching, Sarawak on 31 March 2016, Kota Kinabalu, Sabah on 1 April 2016 and Kuala Lumpur on 5 April 2016.
Datuk Mohd Radzif added that this is one of the efforts taken by SME Bank to help achieve the Government’s target of ensuring the SMEs sector contributes 41% to the country’s GDP by 2020. SME sector currently contributes 36% to the GDP.
Dato’ Sri Mustapa Mohamed, Minister of International Trade and Industry also launched the four financing programs for SME entrepreneurs as announced by the YAB Prime Minister during the 2016 National Budget presentation. SME Bank has allocated RM770 million with the IBS Promotion Fund receiving RM500 million, followed by SME Technology Transformation Fund or STTF with an allocation of RM200 million, My SEED SME Scheme or MYS3 for Indian entrepreneurs with a fund size of RM50 million and lastly, RM20 million for Skim Anjakan Usahawan.
SME Bank since its inception in 2005 until December 2015 has approved RM23 billion worth of financing to more than 13,000 customers. The Bank’s Upward Migration effort under the Specific Intervention Programs has benefitted more than 630 entrepreneurs, thus producing more sustainable SME entrepreneurs in the country. Through its wholly owned subsidiary Centre for Entrepreneur Development and Research Sdn. Bhd. (CEDAR) which complements the Bank’s developmental role on capacity building and capability development has successfully trained and coached more than 14,000 participants since its establishment in 2013.