More than 3,000 businesses are expected to benefit from a RM1.3 billion guarantee facility established by OCBC Malaysia and Credit Guarantee Corporation (CGC).
The allocation raises the total guarantee coverage under their partnership to RM5.5 billion, The Sun reported.
OCBC Malaysia and CGC had previously supported more than 10,000 SMEs through RM4.2 billion in CGC-backed Islamic and conventional financing.
The new facility will be available to existing and prospective OCBC Malaysia customers, with a particular focus on Bumiputera businesses.
It also includes a scheme for targeted segments under Bank Negara Malaysia’s SME Stabilisation Relief Facility.
OCBC Malaysia CEO Tan Chor Sen said the facility would help businesses secure funding as their operational and growth needs change.
CGC President and CEO Mohamed Nazri Omar said the guarantee support was aimed at viable companies that may struggle to obtain financing because they lack sufficient collateral.
He added that the partnership would combine OCBC Malaysia’s customer reach with CGC’s guarantee capabilities to extend financing to more SMEs.
Featured image: Edited by Fintech News Malaysia, based on image by ilygraphic via Magnific
