Minister of International Trade and Industry (MITI) Ignatius Darell Leiking, together with his deputy, Dr Ong Kian Ming, visited SME Bank to understand its functions and how the bank contributes towards nurturing and developing small and medium-size enterprises (SMEs).
Received by SME Bank chairman Tan Sri Faizah Mohd Tahir as well as senior management members, the entourage was given a briefing on the current standing of the bank. In brief, based on its audited 2017 accounts, the bank approved a total of RM2.2 bil financing to SMEs, with small and medium-size entrepreneurs obtaining the majority of approvals at 43% each.
In addition, 2017 saw SME Bank assisting 245 companies in migrating upwards in areas such as growth in profits, increases in the number of employees and penetration to export markets through the bank’s intervention programmes.
Since its inception in 2005, SME Bank has approved a total of RM28 bil in financing and has been the financing partner of more than 16,000 entrepreneurs. The bank’s wholly owned subsidiary, the Centre for Entrepreneur Development and Research Sdn Bhd (CEDAR), on the other hand, played a key role as an entrepreneurial coaching centre by rolling out a total of 27 entrepreneurial training sessions benefitting 785 participants in 2017.
SME Bank, as a development finance institution, has always upheld its mandated role to cultivate and grow the nation’s SMEs to become an engine of growth for the Malaysian economy. The bank is ready to step in to fulfil every need of the SMEs by offering its tailor-made financing programmes as well as wholesome intervention programmes to support their development.