Alliance Bank approves over RM443m in financing

PETALING JAYA: Alliance Bank Malaysia Bhd has approved over RM443 million in financing to help ease the cash flow constraints of businesses in Malaysia.

The financing, which is under Bank Negara Malaysia’s Special Relief Facility, included RM319 million financing to close to 450 small-and-medium enterprises (SMEs) approved in the last two months.

Meanwhile, Alliance Bank today launched the #SupportLokal initiative (pix) to help small local businesses to scale up their business digitally during the movement control order period.

In the two weeks since its debut on the bank’s social channel and corporate website, the #SupportLokal initiative reached more than 1.7 million Malaysians on Facebook (FB), and generated over 6,000 link clicks to the small local businesses’ websites or FB page.

“These are unprecedented times and we empathise with the local businesses impacted by the ongoing situation. As a bank focused on SMEs, we have stepped up our efforts to help them weather the crisis, preserve jobs, and emerge stronger post-pandemic by providing accessible marketing, branding, and sales opportunities, as well as funding,” said Alliance Bank group CEO Joel Kornreich.

The idea of #SupportLokal initiative came from the need to help small local businesses with their branding and marketing via Facebook marketing, and facilitate the use of digital as an alternative revenue channel.

The bank provides digital branding and marketing support to help promote the products and services of local businesses. Aside from its own digital assets of social media and corporate website, the bank is also collaborating with several e-commerce platforms to help small local businesses widen their reach to more consumers digitally and tap into alternative revenue channels. The e-commerce commission fees will also be subsidised.

Under the #SupportLokal initiative, business owners will also have access to advisory and training via webinars and videos to help them succeed in their new digital venture.

“For local businesses that do not have prior online presence but want to embark on it now, we are helping to facilitate the process quickly and conveniently with our various strategic partners under the #SupportLokal initiative,” said Kornreich.

On its corporate website, the bank has set up a #SupportLokal Online Bazaar made up of its BizSmart® Challenge alumni and SME clients.