UOB Malaysia, SJPP to enable collateral-free business loans for SMEs

Bernama

23 April 2019

UOB Malaysia, SJPP to enable collateral-free business loans for SMEs

KUALA LUMPUR, April 23 (Bernama) -- United Overseas Bank Malaysia Bhd (UOB Malaysia) and Syarikat Jaminan Pembiayaan Perniagaan Bhd (SJPP) have inked a Memorandum of Understanding (MoU) with the Federation of Hokkien Associations Malaysia to enable small and medium enterprises (SMEs) to access collateral-free business loans.

The MoU affirms UOB Malaysia’s commitment to helping SMEs seize new opportunities, meet their working capital needs and progress through different stages of growth.

“UOB Malaysia will extend financial advice and the SJPP-UOB BizMoney solution, a government-guaranteed lending facility, to more than three million SMEs whose owners are affiliated with the federation.

“Through the SJPP-UOB BizMoney solution, SMEs can obtain collateral-free loans of up to RM1 million. SJPP will guarantee up to 70 per cent of the loan through its working capital guarantee and automation process guarantee schemes,” UOB said in a statement today.

UOB Malaysia executive director and Head of Business Banking, Raymond Chui said the Bank’s commitment is to support the development and progress of local SMEs and provide flexible financing solutions to help meet their unique needs and challenges.

“We can support more SMEs across the country by offering them the flexibility of accessing additional working capital without the need for collateral and this will help them progress to the next stage of growth,” he added.

Established in 2009, SJPP is an administrator and manager of credit guarantee schemes under the Minister of Finance Incorporated.

The Federation of Hokkien Associations Malaysia is a trade association that represents the interest of more than seven million Malaysians of hokkien descent, of which more than half are SME owners.

-- BERNAMA

Web source: http://bernama.com/en/news.php?id=1719245