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SME Bank Targeted Financing Relief Helps SME Businesses Recover

KUALA LUMPUR : 20 March 2021

Efforts to revitalize the SMEs businesses affected by the COVID-19 pandemic continues as SME Bank's initiative offering targeted financing relief through the SME Relief Program (SRP) has benefited 3,084 of the Bank's customers with financing value amounting RM4.41 billion last year.

Minister of Entrepreneur Development and Cooperatives, Dato Sri Dr. Haji Wan Junaidi during his visit to Melaka said, “Out of this number, a total of 61 entrepreneurs are from the state of Melaka with financing value of RM65.42 million. This initiative implemented by SME Bank will definitely enable SME entrepreneurs to revitalise and continue their businesses.”

Dato Sri Dr. Haji Wan Junaidi added, "With the prevailing challenging situation, SME Bank has decided to introduce SRP 2.0 whereby the targeted financing relief facility will be extended for another six months starting from April to September 2021.

"SME Bank Group President/Chief Executive Officer, Aria Putera Ismail said, “Apart from the SRP, SME Bank is also directly involved with the Prihatin Rakyat Economic Stimulus Package (PRIHATIN) and the National Economic Recovery Plan (PENJANA) announced by the Government. Through PRIHATIN, SME Bank has approved financing amounting to more than RM630 million to 1,065 entrepreneurs.”

“Meanwhile, through PENJANA, SME Bank has approved financing amounting to more than RM6.0 million to 32 entrepreneurs and the latest, through the Targeted Relief and Recovery Facility (TRRF) and High Tech Facility-National Investment Aspirations (HTF-NIA), financing amounting more than RM97 million has been approved to 263 entrepreneurs,” Aria added.

Aria also said, “We also provide waiver and discount on rental payment up to six (6) months to 251 SME entrepreneurs involving 373 lots at SME Bank’s Entrepreneur Premises Complexes located in 26 locations throughout Malaysia. This measure has provided entrepreneurs with operating cost savings amounting RM6.1 million.”

During this MCO period, the Centre for Entrepreneur Development and Research Sdn. Bhd. (CEDAR), a subsidiary of SME Bank, is also active in organizing various entrepreneurship training and online knowledge sharing sessions through portals and social media platforms. This effort is taken to ensure SME entrepreneurs remain focused and vigilant during these difficult times for the sustainability of their businesses.

CEDAR also offers a B2B e-commerce platform, ODELA, which allows entrepreneurs to make transactions, facilitate exchange, foster innovation and partnership across vast ecosystem with just a few clicks. As at 28 February 2021, ODELA has recorded transactions worth more than RM4.6 million and a total of 539 merchants have registered with 676 products listed in the system. SME Bank encourages all SME entrepreneurs to join the ODELA platform to grow their business immediately and effectively.