08 February 2022
Programme offers 50 percent interest/profit rebate for SME financing
Kuala Lumpur: CIMB Bank Berhad and CIMB Islamic Bank Berhad (collectively “CIMB” or “the Group”) have formally launched a collaboration with the Northern Corridor Implementation Authority (“NCIA”) where interest/profit rebates are provided to support the revitalisation of SMEs during the ongoing pandemic. At a ceremony that took place on 7 February in Kedah Rubber City, Padang Terap, Kedah, Dato’ Abdul Rahman Ahmad, Group Chief Executive Officer, CIMB Group and Datuk Seri Jebasingam Issace John, Chief Executive, NCIA exchanged MoA documents, formalising the collaboration.
Witnessing the exchange of documents was Prime Minister Dato’ Sri Ismail Sabri bin Yaakob. Other ministers and senior officials in attendance included YB Dato’ Sri Mustapa bin Mohamed, Minister in the Prime Minister’s Department (Economy); YB Dato' Seri Mahdzir bin Khalid, Rural Development Minister; YAB Dato’ Seri Azlan bin Man, Perlis Menteri Besar and YAB Dato’ Seri Saarani Mohamad, Perak Menteri Besar.
Under the NCIA – CIMB Entrepreneur Scheme (NCES), eligible SMEs will be entitled to a rebate of 50 percent on the total interest/profit for their application to the CIMB SME Quick Biz Financing programme. This initiative will support NCIA’s target of supporting at least 1,000 SMEs and Micro-SMEs in the remaing period of the 12th Malaysia Plan, i.e. 2022-2025. For further information on the NCES programme, SMEs may get in touch with their CIMB Relationship Manager or visit any CIMB Bank/CIMB Islamic Bank branch.
Dato’ Abdul Rahman said, “Over the past two years, the pandemic has had an immense impact on our communities and affected the livelihoods of many. As we look to the future and continue our path to recovery, CIMB continues to support efforts to revitalise our economy. This collaboration with NCIA is among the many initiatives we have in place to accelerate the recovery, growth and development of SMEs, and these efforts underscore our Forward 23+ ambition to be a ‘Purpose Driven Organisation’.”
CIMB’s support for the SME sector also includes ongoing mentoring and future proofing programmes such as CIMB MicroBizReady, equipping B40 businesses with tools to thrive not only in the current COVID-19 environment, but also in the longer term.
The NCIA is the statutory body responsible for boosting the economic growth of the NCER (Northern Corridor Economic Region) covering the four northern states of Peninsular Malaysia which includes Perlis, Kedah, Penang and Perak. As part of their efforts to assist and revitalise SMEs during the pandemic, the NCIA has extended their rebate initiative to new financial institutions, with CIMB being a newly on-boarded bank.