CIMB allocates $12m for micro SMEs

Micro SMES may received financing of up to $11,991.

CIMB Bank Berhad and CIMB Islamic Bank Berhad has allocated $12m (RM50m) for micro small and medium enterprises (SME) via the CIMB SME Micro Financing-i, an Islamic working capital programme, an announcement revealed.

Under the CIMB SME Micro Financing-i, micro SMEs may receive financing of up to $11,991 (RM50,000).

SMEs may sign up for micro financing through Credit Guarantee Corporation Malaysia Berhand’s (CGC) imSME platform. Launched in 2018, imSME enables SMEs to access fast and real-time information on financing options.The platform will be made available at all CIMB branches nationwide by year-end.

Other collaborations between CIMB and CGC include a partnership sealed in April 2019 to provide SMEs access to $480m (RM2b) in financing through CGC’s Portfolio Guarantee-i scheme.

Separately, CIMB also recently launched the CIMB SME Renewable Energy Financing to help SMEs in Malaysia. This scheme covers 100% financing – from as low as $4,796 (RM20,000) and up to $240,000 (RM1m) – for SMEs to install solar photovoltaic systems on their rooftops to offset energy cost.