KUALA LUMPUR, Dec 27 (Bernama) -- AmBank has allocated an additional RM200 million financing facility under the second tranche of its SPG Revival Scheme to further assist SMEs in reviving and expanding their businesses throughout the recovery period. The first and second tranches of the SPG Revival Scheme are made possible with a strategic collaboration with CGC, with RM400 million allocated for the first tranche.
 
Aaron Loo, Managing Director, Retail Banking, AmBank said “This additional allocation would certainly lend a helping hand for SMEs to regain momentum towards the recovery of their businesses. The additional support AmBank and CGC have put together on e-commerce further strengthens our SME-in-a-Box proposition which have all the necessary ingredients to help SMEs enter and succeed in the e-commerce space. AmBank has always supported our SMEs that are the engine of growth for Malaysia. During the pandemic, AmBank has ensured that our SME clients have easy access to repayment assistance programmes so that they can better manage their cash flow and weather the storm.”
 
CGC Chief Business Officer, Leong Weng Choong emphasised that CGC remains focused on its role of assisting viable MSMEs to gain access to financing, with the financial inclusion agenda remaining its top priority. Leong said, “In 2021, our efforts pivoted towards recovery and rehabilitation of businesses, CGC constantly engaged with our MSMEs and provided them with access to financing. In support of MSMEs during the challenging Covid-19 pandemic, CGC extended a 6-month Moratorium besides allowing them to Reschedule & Restructure their loan obligations. From April 2020 to December 2021, CGC committed to providing guarantees amounting to RM10.0 billion to MSMEs affected by the pandemic and is confident of achieving this by the end of the year.
 
As CGC strengthens its focus and efforts to ensure the recovery of MSMEs, we are constantly reviewing and re-aligning our strategies and operational readiness to ensure that we support our MSMEs in their business recovery phase and the subsequent phases as they adjust to the new normal. Through collaboration with AmBank Retail Banking, CGC has availed Portfolio Guarantees worth over RM2.346 billion from September 2016 until October 2021. This additional RM 200 million financing facility is the second tranche of the AmBank SPG Revival Scheme which offers MSMEs financing of working capital which include e-commerce customers.” Leong further reiterated that in 2022, CGC will increase its momentum with AmBank to support MSMEs involved in e-commerce as this segment is new and has vast potential for growth.
 
The first tranche of the SPG Revival Scheme commenced in July 2021 was fully taken up. The additional RM200 million allocation for the second tranche will be allocated for conventional and Islamic facilities.
 
As majority of SMEs have embarked on digitalisation, SMEs undertaking e-commerce can apply for loan facilities of up to RM1 million and financing tenure of up to 7 years. Those that are interested to apply would simply be required to provide evidence of their respective e-commerce platform registration.
 
For more information on this scheme, kindly visit ambank.com.my. 

About AmBank Group

AmBank Group is a leading financial services group with over 40 years of expertise in supporting the economic development of Malaysia. We have over three million customers and employ over 9,000 people.
 
The Group was listed on the Main Market of Bursa Malaysia in 1988. It is the sixth-largest banking group by assets in Malaysia, with a market capitalisation of around RM9 billion and assets of RM170.2 billion as at 31 March 2021.
 
AmBank Group serves over three million individual and corporate customers. It provides services in wholesale banking, business banking, retail banking, investment banking and related financial services which include Islamic banking, general insurance, life insurance, family takaful, stock and share broking, futures broking, investment advisory and management services in assets, real estate investment trust and unit trusts.

Source: AmBank Group ​

FOR MORE INFORMATION, PLEASE CONTACT: 
Name: Syed Anuar Syed Ali
Executive Vice President, Group Corporate Communications and Marketing,
AmBank Group 
Tel: 03-2036 1703 
Email: sasa@ambankgroup.com

--BERNAMA