ALLIANCE BANK, CGC ALLOCATE ADDITIONAL RM1 BLN UNDER PORTFOLIO GUARANTEE SCHEMES TO HELP MSMES

KUALA LUMPUR, June 1 (Bernama) -- Alliance Bank Malaysia Bhd has extended its partnership with Credit Guarantee Corporation Malaysia Bhd (CGC) and allocated an additional RM1 billion under Portfolio Guarantee schemes to help micro, small and medium enterprises (MSMEs).

In a statement today, the bank said the partnership would enable eligible MSMEs, even those that lack collateral, to obtain financing of up to RM1 million per MSME to expand their business operations.

It said the bank has simplified the application process to smoothen the process, requiring only minimal documentation with approval as fast as one day upon complete document submission.

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“Businesses also have the option of applying for their loans online without ever needing to visit a bank branch,” it said.

Alliance Bank said the previous schemes launched together with CGC with a total amount of RM2.05 billion have been completely taken up and benefited almost 4,000 businesses to date, inclusive of RM750 million under Bank Negara Malaysia’s Targeted Relief and Recovery Facility scheme to support businesses navigate through and recover from the pandemic.

 Group chief executive officer Kellee Kam said this strategic alliance with CGC is part of the bank’s Acceler8 strategy to continue its velocity in the MSME segment.

“We want to help MSMEs access financing quickly to grow their business by making the process easy and convenient, providing them with an additional avenue to obtain banking facilities,” he said.

Meanwhile, from April 1, 2022 to April 30, 2023, CGC has successfully launched a total of RM3.5 billion worth of portfolio guarantee/wholesale guarantee with Malaysian financial institutions and development financial institutions.

Acceler8 was launched by Alliance Bank in February this year to drive the bank’s growth over the next four years by targeting new market segments and business verticals, regional expansion, championing sustainability as well as driving synergies and value creation through digital innovations and partnerships.

-- BERNAMA