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SME Factors allocates RM250 million financing for Bumiputera businesses

[ 11-02-2014 ]
SME Factors allocates RM250 million financing for Bumiputera businesses

SME Factors Sdn Bhd, a company that provides contract financing, is providing a RM250 million financing facility for Bumiputera entrepreneurs with the launch of its "Pemerkasaan Usahawan Bumiputera" (PUB) or Bumiputera Entrepreneur Empowerment programme, today.

President and Chief Executive Officer Syed Zed Al Qudsy said the facility was the company's initiative and part of its continued efforts to provide capital and ease the financial burden of small and medium enterprises (SMEs).

"The PUB programme is based on three pillars, namely education, financing and infrastructure.

"SME Factors will provide specialised services in these areas to provide the necessary shift for the Bumiputera business community to be more competitive," he said today.

Through the programme, the company will also provide for the first time a comprehensive business infrastructure and ecosystem through its sister company, Tiqtrade Sdn Bhd.

Among others, Tiqtrade will offer business management, financing, finding prospects, marketing and business networking, he said.

Syed Zed said with a client list of more than 5,000 companies comprising limited companies and sole proprietorships, Tiqtrade could leverage the database to become a focal point between buyers and sellers and help promote Bumiputera companies to the next level locally or internationally.

The financing provided was not limited to any specific sector but was offered to all businesses, and the amount ranges from a minimum of RM250,000 to millions of ringgit depending on the type of business, he added.

The company's non-performing loans was at less than 1% and in the past, it had provided financing to a lot of SMEs in the construction and trading and services sectors, said Syed Zed.

The SME Factors PUB programme was launched by the Deputy Secretary-General (Policy) of the Ministry of Finance, Datuk Mat Noor Nawi.

In his speech, Mat Noor lauded the initiatives taken by the private sector to fill the vacuum and bridge the gap of government initiatives to empower the economy of the Bumiputera.

He said most of the initiatives taken to empower the Bumiputera economy were by the government and very few were undertaken by private companies.

"It is hoped that more private companies will come out to help assist the Bumiputera SMEs in their business ventures.

"In the long term, it is hoped that more Bumiputera companies will be involved in creating new business opportunities as shown by SME Factors," said Mat Noor. - Bernama, January 23, 2014.