BNM assists 1,042 SMEs since 2005

KUCHING: Bank Negara Malaysia (BNM) has assisted 1,042 financially-distressed small and medium enterprises (SMEs) with the financing value worth RM1.3 billion since 2005.

Development finance and enterprise director Marina Abdul Kahar said the assistance was channelled through BNM’s Small Debt Resolution Scheme (SDRS), which was introduced in 2005.

“Of the total number of SMEs assisted, 56 per cent were able to revive businesses and 73 per cent had their debts fully settled,” she said on the sidelines of BNM’s Financial Carnival on Saturday.

The three-day event beginning yesterday served as a one-stop platform providing opportunity for residents and the business community to increase their knowledge on financial services, financial management literacy and consumer protection provided by the industry.

Marina said SMEs involved in services and manufacturing were the two largest sectors that benefited from the SDRS.

Besides, she said an online SME financing application platform was expected to be launched by year-end to further enhance SMEs access to financing.

“The platform allows SMEs to submit simultaneous applications to multiple financial institutions based on their eligibility.

“They will get an immediate feedback on their application status via the online platform,” she said. Bernama