Banking News

CIMB allocates $12 million for micro businesses

CIMB allocates $12 million for micro businesses

(26 November 2019 – Singapore) CIMB Bank Berhad and CIMB Islamic Bank Berhad has pledged $12m (RM50m) for micro small and medium enterprises (SME) via the CIMB SME Micro Financing-i, an Islamic working capital program.

Under the CIMB SME Micro Financing-i, micro SMEs may receive financing of up to $11,991 (RM50,000).

SMEs may sign up for micro financing through Credit Guarantee Corporation Malaysia Berhand’s (CGC) imSME platform. Launched in 2018, imSME enables SMEs to access fast and real-time information on financing options. The platform will be made available at all CIMB branches nationwide by year-end.

Other collaborations between CIMB and CGC include a partnership sealed in April 2019 to provide SMEs access to $480m (RM2b) in financing through CGC’s Portfolio Guarantee-i scheme.

Separately, CIMB also recently launched the CIMB SME Renewable Energy Financing to help SMEs in Malaysia. This scheme covers 100% financing – from as low as $4,796 (RM20,000) and up to $240,000 (RM1m) – for SMEs to install solar photovoltaic systems on their rooftops to offset energy cost.

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