CIMB Bank and CIMB Islamic Bank recently announced a RM50 million allocation to bolster micro-businesses and SMEs in Malaysia. The funds will be allocated through the CIMB SME Micro Financing-i, the local media reported.
CIMB SME Micro Financing-i is an Islamic working capital provider which provides financing up to RM50,000 million.
Victor Lee Meng Teck, CEO, Group Commercial Banking, CIMB Group said, “This is yet another great collaboration with CGC where the focus is on helping micro SMEs meet their unique developmental needs by making financing more accessible. Our RM50 million allocation is aimed at encouraging not only the growth of micro SMEs but also entrepreneurship among the B40s to help them improve their income and livelihood. This is in line with CIMB’s earlier commitment to support and spur the SME segment in Malaysia by allocating RM15 billion to help finance 100,000 Malaysian SMEs in the next two years.”
According to Lee, the allocation is in line with CIMB’s commitment to support the SME segment. The National Entrepreneurship Policy aims to have SMEs contribute to 50 percent of the country’s GDP by 2030.
CIMB’s micro financing solution is provided through Credit Guarantee Corporation Malaysia’s (CGC) imSME platform. The imSME platform will seamlessly help micro SMEs to secure funding online. It is an online SME financing referral platform launched in 2018.
Other collaborations between CIMB and CBC includes a strategic partnership in April 2019. This partnership aims to help SMEs access RM2 billion in financing through CGC’s Portfolio Guarantee-i scheme, the local media reported.