SMEs in Northern Region Continue to Receive Full Support from SME Bank
SME entrepreneurs in the northern region continues to receive full support from SME Bank through its Northern Regional Center, which comprises two branches; Seberang Jaya Enterprise Center and Alor Setar Enterprise Center have successfully approved RM174 million financing to more than 119 customers as at October 2021. This achievement is 109 percent above the approval target of RM160 million.
Minister of Entrepreneur Development and Cooperatives (MEDAC), YB Tan Sri Noh Haji Omar who attended the Jom XCESS Northern Region said, “Apart from financial assistance, specific initiatives to empower entrepreneurs in the tourism sector also paid off when SME Bank managed to approve the PENJANA Tourism Fund (PTF) facility worth RM1.6 million to seven (7) entrepreneurs, comprising of six (6) companies from Kedah and one (1) company from Penang. In total, as at October 2021, 43 SME companies have received PTF financing from SME Bank worth RM8.8 million.”
YB Tan Sri further commented, “The tourism sector is one of the main sectors that contributed to the country’s GDP which also created a spillover to other sectors in the development of the country’s economy. Year 2020 saw tourism-related activities contributing 14% to Malaysia's GDP and 23.1% to the country's employment. The initiatives taken by SME Bank and other agencies to reach out to entrepreneurs in this sector through the Jom XCESS Program is very important as it allows assistance to be channeled effectively and comprehensively to meet their business needs, especially at this critical time.”
Group President / Chief Executive Officer of SME Bank, Aria Putera Ismail said, “The Jom XCESS is a platform that gives us the opportunity to connect, discuss and offer assistance to more SME entrepreneurs. In total, almost 1,900 entrepreneurs have participated in the program either physically or online and the total potential for funding is almost RM166 million.”
Aria added, “For the PTF facility, SME Bank has allocated a fund amounting RM50 million for working capital, purchase of assets and machinery financing. The maximum financing is up to RM300,000 and is 80% guaranteed by Syarikat Jaminan Pembiayaan Perniagaan Berhad (SJPP). ”
“Apart from PTF facility, SME Bank also offers various other financing facilities that suit the needs of entrepreneurs in the northern region. As for the SRP PEMULIH assistance, our customers in the tourism and public transport sectors who are severely affected by the Covid-19 pandemic, continue to be assisted through SRP PEMULIH Phase 2, with a 12-month moratorium extension from October 2021 to September 2022 and an extension of the original financing period until 36 months. In total, SME Bank has offered SRP PEMULIH starting as early as July 2021 and this targeted assistance has been offered to 2,753 entrepreneurs with total financing value of RM4.87 billion,” added Aria.
SME Bank also signed a memorandum of understanding (MoU) with Biforst Logistics Sdn. Bhd., the largest logistics company in Malaysia, during the SME Bank Jom XCESS Northern Region program. This joint venture will enable both parties to work together in developing a comprehensive financing package for SME entrepreneurs who are involved in the logistics ecosystem.
The last Jom XCESS series for this year will be for SME Bank Central Region which is expected to be held in mid-December. For more information, please visit SME Bank's official website www.smebank.com.my.
