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apple developer account(buyappleacc.com):CIMB extends assistance worth RM86b to more than 490,000 customers

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,CIMB has demonstrably shown strong support in addressing the resilience and continued growth needs of businesses such as SMEs, the asnaf communities as well as B40 entrepreneurs. – RAJA FAISAL HISHAN/The Star

Beyond monetary aid, the bank creates support ecosystem for business upscaling

IT is safe to say that the pandemic left almost no one unscathed when Covid-19 struck last year.

The disruption to supply chains and businesses was severe, which led to loss of jobs and reduced income for the workforce as most businesses were unable to operate and forced to find ways and means to survive.

So when the Government implemented the first movement control order (MCO) in March last year, Malaysian banks also rolled out a six-month blanket moratorium from March to September to cushion the impact of the pandemic’s shock to the economy.

The banks subsequently offered various targeted repayment assistance to customers to provide extended financial relief to affected individuals and businesses, given the prolonged effects of the pandemic.

The repayment assistance offered by Malaysian banks in terms of scale and scope was by far the most extensive in any country.

Under the blanket moratorium, CIMB Group assisted a total of 1.2 million individual and SME customers in Malaysia, involving a total gross loan portfolio of RM157bil.

Post-blanket moratorium, CIMB’s targeted financial relief assistance programmes based on customers’ applications assisted more than 490,000 individual, SME and business banking customers to date – with a gross loan value of RM86bil.

The second phase of programmes included the Payment Assistance Programme under the Government’s Pemulih aid package in July and other CIMB programmes offered in 2020 such as the Targeted Assistance Programme and the Expanded Targeted Payment Assistance.

SME challenges

The country’s second largest lender was cognisant of the severe challenges faced by its SMEs which were adversely affected by the pandemic.

In most cases, affected businesses require additional funding to help them tide over during this period as well as recover and grow.

CIMB facilitated the roll out of Government loan initiatives such as the special relief funds (SRF) and the High Tech Facility – National Investment Aspirations (HTF-NIA) so that businesses received funding quickly.

This was supplemented by CIMB‘s own Business Relief Funds, providing additional much needed Covid-19 related financing to SMEs.

In total, these efforts benefited more than 3,000 SME customers with RM1.4bil in new financing.

Upskilling programmes

Beyond monetary aid, CIMB recognised the need for companies to build sustainable businesses that are resilient going forward.

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