KUALA LUMPUR, 9 July 2018 – YB Ignatius Darell Leiking, Minister of International Trade and Industry (MITI) together with his deputy, YB Dr. Ong Kian Ming, today visited SME Bank to understand the functions of SME Bank and how the Bank contributes towards nurturing and developing the SMEs.
Received by the Chairman, Tan Sri Faizah Mohd Tahir and Senior Management members of the Bank, the entourage was given an hour briefing on the current standing of SME Bank. In brief, based on its audited 2017 accounts, the Bank had approved a total of RM2.2 billion financing to the SMEs with the small and medium sized entrepreneurs obtaining the majority of the approvals which was at 43% each. In addition, 2017 saw SME Bank assisted 245 companies in migrating upwards in areas such as growth in their profit, increased number of employees and penetration to the export market through the Bank’s Intervention Programme. Since its inception in 2005, SME Bank has approved a total of RM28 billion in financing and has been the financing partner of more than 16,000 entrepreneurs. The Bank’s wholly owned subsidiary, Centre for Entrepreneur Development and Research Sdn. Bhd. (CEDAR) on the other hand played its role as the entrepreneurial coaching center well by successfully rolling out a total of 27 entrepreneurial training sessions benefitting 785 participants in 2017.
SME Bank as a Development Finance Institution has always upheld to its mandated role to cultivate and grow the nation’s SMEs to become the engine of growth for the Malaysian economy. The Bank is ready to step in to fulfill every need of the SMEs by offering our tailor made financing programmes as well as wholesome intervention programmes to support their development.