KUALA LUMPUR, Nov 1 (Bernama) -- RHB Banking Group aims to empower small and medium enterprises (SMEs) with working capital financing totalling RM450 million by end-2023 through its RHB Supplier and Vendor Financing Programme.
The programme, in collaboration with Syarikat Jaminan Pembiayaan Perniagaan (SJPP), is available for local SMEs that are contracted to provide goods and services to the federal and state governments and selected government-linked companies (GLCs), it said.
Managing director of group community banking, Jeffrey Ng Eow Oo said the group launched the pilot programme in March this year for Sarawak SMEs that were awarded contracts by the state government and selected GLCs.
“The SMEs experienced a swift and hassle-free loan application and quick fund disbursement, significantly improving their business cash flow.
“This, in turn, enabled them to tender for more projects and grow their business quickly,” he said in a statement today.
The group said the programme offers collateral-free financing of up to RM10 million to eligible SMEs with competitive interest rates of up to 2.0 per cent annually.
-- BERNAMA
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