KUALA LUMPUR: SME Bank says it has successfully approved 940 applications amounting to RM503.04 million under the Special Relief Facility (SRF) through the Prihatin Rakyat Economic Stimulus Package.
In addition to the SRF, as at July 28 SME Bank has also processed 15 Agrofood Facility (AF) applications worth RM7.83 million, the bank said in a statement today.
“In addition to the above facilities, the Automation and Digitalisation Facilities (ADF) and All Economic Sectors (AES) Facility are among the funds provided by Bank Negara Malaysia (BNM) to assist SME entrepreneurs affected by the Covid-19 crisis,” it said.
SME Bank group president/chief executive officer Aria Putera Ismail said under the National Economic Recovery Plan (PENJANA), SME Bank has been entrusted to manage two important funds in an effort to support the sustainability of SME businesses especially in the construction, services and manufacturing sectors post-Covid-19.
“We have allocated RM1.6 billion for the SME Go Scheme and RM500 million for the SME Technology Transformation Fund (STTF) respectively,” he said.
He said that the impact on the implementation of the digital transformation programme has enabled SME Bank to improve its operational efficiency and service quality by reducing redundant processes and utilising digitisation as a financing solution.
“This has helped the bank to shorten the application process especially during the Covid-19 crisis in which SME entrepreneurs need financial assistance quickly,” he added. -Bernama
