AmBank, CGC offer RM100m financing solution for SMEs

KUALA LUMPUR: AmBank (M) Bhd, in collaboration with the Credit Guarantee Corporation Bhd (CGC), has introduced the SME Biz Property Extra, a RM100 million financing solution to assist small and medium enterprises (SMEs) with property purchases and working capital requirement.

AmBank chief executive officer Datuk Sulaiman Mohd Tahir said the SME Biz Property Extra was positioned as a partially secured financing package that was 70 per cent guaranteed by CGC.

“AmBank SME Banking is able to provide applicants with higher term loan facilities and faster financing approval with CGC’s guarantee,” said Sulaiman in a statement yesterday.

AmBank managing director of retail banking Jade Lee was optimistic the product would be able to reach a broader segment of the local SME community, with greater margin of financing of up to 148 per cent and high working capital limit of up to RM3 million.

Since January 2015, AmBank has commenced seven tranches of portfolio guarantees with CGC totalling RM1.35 billion, of which RM750 million was under SME banking sector and the fund size surpassed AmBank SME Banking’s initial target of RM550 million for the current financial year, it said.

The SME Biz Property Extra is open for applications at all 175 AmBank’s branches nationwide. Bernama

AmBank SME Banking is able to provide applicants with higher term loan facilities and faster financing approval with Guarantee Corporation Bhd’s guarantee.

DATUK SULAIMAN MOHD TAHIR Chief executive officer, AmBank (M) Bhd