According to SME Corp Malaysia, SMEs take up 97.2% of total business establishments in Malaysia, which makes them one of the biggest contributors to Malaysia’s GDP. During the height of the pandemic, businesses, including SMEs, were struggling to survive. Caring for both the safety of their employees and customers, complying with government-issued SOPs, and pushing themselves to digitalise were just a few of the difficulties they faced. On top of that, business plans and objectives were either halted or constantly revised.

Today, with most of the population vaccinated and SOPs relaxed, it’s clear that most businesses have adapted. F&Bs have made themselves available on online delivery platforms; property developers now offer virtual viewings; fitness studios are providing at-home workout sessions online; and more. 

Even as Malaysia enters the recovery phase in 2022, businesses are still looking to be steadfast in the face of uncertainty and not repeat the trials and tribulations of 2020. 

Move Forward With CIMB SME Solutions 

While there are a few ways to gain working capital, like partnering up with an investor, funding, or opting for readily available government schemes, another alternative is to utilise SME Financing options from CIMB. 

Catered to assist businesses to get back on track and flourish, CIMB is offering a complete suite of SME solutions under 3 core pillars: SME Transact, SME Financing, and SME Partners. 

In brief, SME Transact includes business cash management services, SME Financing offers hassle-free financing options, and SME Partners provides businesses with the opportunity to get in touch with a network of expert partner solutions to digitize their businesses. 

Receive Financing With No Collateral Required

If you’re looking to improve your business cash flow and expand in terms of financing, the SME Quick Biz Financing offers business owners up to RM1,000,000 with no collateral required, while the SME Biz Property Financing allows you to refinance your existing business properties, finance the purchase of new properties, and gain working capital of up to RM10,000,000.

Apart from that, CIMB also offers SMEs a financial relief programme that includes various relief measures such as the CIMB Flood Relief Assistance Plan for those affected by the recent floods, the Payment Assistance Programme (PAP) to assist with existing financing payments, and more. 

Notably, for SMEs in the personal services, food and beverage services, human health and social work, arts, entertainment and recreation subsectors who were affected by the Movement Control Order since June 2020, the Targeted Relief and Recovery Facility (TRRF) by Bank Negara Malaysia provides both relief and assistance to SMEs and micro enterprises of up to RM500,000 and RM75,000 respectively, at up to 3.5% p.a. Businessowners will be granted tenure of up to 7 years, with a 6-month moratorium on their monthly instalments. 

Besides that, there’s also an interest/profit subsidy to encourage growth and expansion for businesses attached to CIMB’s Targeted Relief and Recovery Facility (TRRF). Businesses in the Northern region, i.e. Penang, Kedah, Perlis, and Perak, will receive a 50% profit rebate for their entire tenure with CIMB TRRF.

With sustainability becoming a trend in most organisations, CIMB also offers SME Renewable Energy Financing for SMEs who are looking to adopt solar power energies into their business operations for a more positive impact on the planet. 

Exclusive Business Digital Solutions With SME Partners

With digitalisation already underway for most SMEs, CIMB also aims to assist SMEs in further exploring digital solutions from a network of service partners that can help businesses improve efficiency, build market awareness, and even get insured. 

Easy Parcel is an online booking platform that enables customers to search, compare, and book from over 60 courier companies within Malaysia and over 200 international destinations. Other operational and payment partners include iPay88 for payment solutions and BusinessHR for HR Cloud Services, where business owners can switch from manual HR processes to digital, which also complements CIMB’s existing payroll proposition, Cash @ Work (CAW).

As e-commerce becomes a leading channel to reach consumers, businesses should consider improving their digital marketing, e-commerce platforms, and strengthening their existing digital channels. With SME Partners, SMEs can either build a website with Exabytes with an RM500 waiver, start selling on Shopmatic for only RM3 a month, or acquire insights and analytics for their digital channels with EasyStore. 

SMEs can also acquire a Motor Insurance premium from Berjaya Sompo Insurance for both private and company vehicles. 

Moreover, there’s no limit to the number of partner solutions SMEs can sign up with. If you’re looking to improve your HR operations, build an e-commerce site, and get motor insurance coverage – you’re free to do so with any of CIMB’s SME Partners. Every partner offers exclusive discounts and some also provide first-hand training for your employees so that even when the partnership ends, your employees are equipped with the right digital skills. 

Thrive Towards Recovery

While the world strives to find better, more efficient ways to navigate the new normal, businesses need to equip themselves with the right tools and solutions to continue operating and meeting their desired targets. To combat the effects of the unprecedented, CIMB is dedicated to assisting SMEs on their digital transformation journey and financial needs. To learn more about CIMB’s complete suite of SME Banking Solutions, head to their website or chat with EVA, an interactive chatbot available on CIMB’s Business Page here! 

• TAGS:
• CIMB
• Covid-19 Recovery
• SME Banking
• SMEs