Maybank extends RM20b repayment assistance to over 26,000 SME loan accounts

PETALING JAYA: Maybank has extended some RM20 billion worth of repayment assistance as at Sept 30, 2021 to over 26,000 small-and-medium enterprises (SME) loan/financing accounts which have been impacted by the pandemic.

In addition, the bank has also continued to make financing accessible to them, with more than RM15 billion in loans/financing approved and disbursed to SMEs since 2019.

Maybank group CEO of community financial services Datuk John Chong said with the economy gradually reopening, the bank is committed to continue providing assistance, in both financial and non-financial capacities to its SME customers to help accelerate their recovery.

“Maybank currently serves almost 60% of all SMEs in the country, and we want to ensure that they are able to sustain and rebuild their businesses particularly through this early stage of recovery.”

Chong added that Maybank continues to accept repayment assistance applications under the Pemulih programme, with the total number of SME loans/financing currently under repayment assistance representing 8% of Maybank’s total Malaysia consumer and small to mid-sized business loan/financing portfolio based on outstanding balance.

“Microenterprises make up 78% of SMEs in Malaysia, and may often lack credit history or collaterals to qualify for financing. Understanding their plight, Maybank’s first-in-market SME Digital Financing offers microenterprises and SMEs quick and easy financing from RM10,000 to RM250,000 through online application,” he said.

From application to approval, the process can be completed in as fast as 10 minutes, with disbursement as fast as 1 minute. In total, the bank has approved RM1.87 billion loans/financing to more than 15,000 SMEs via SME Digital Financing, since its launch in September 2020.