CIMB, NCIA launch SME revitalisation scheme

KUALA LUMPUR: CIMB Bank Bhd and CIMB Islamic Bank Bhd are collaborating with the Northern Coridor Implementation Authority (NCIA) to support SMEs with interest/profit rebates under an initiative called the NCIA-CIMB Entrepreneur Scheme (NCES).

In a statement, the group said the initiative was to contribute to the revitalisation of SMEs during the ongoing pandemic.

The NCIA-CIMB Entrepreneur Scheme (NCES) will entitle eligible SMEs to a rebate of 50% on the total interest/profit for their application to the CIMB SME Quick Biz Financing

programme.

It will also support NCIA’s target of supporting at least 1,000 SMEs and MicroSMEs in the remaining period of the 12th Malaysia Plan from 2022 to 2025.

“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’,” said CIMB Group CEO Datuk Abdul Rahman Ahmad.

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 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.