CIMB Bank Bhd and CIMB Islamic Bank Bhd are collaborating with the Northern Corridor Implementation Authority (NCIA) to support the revitalisation of SMEs during the pandemic by providing interest/profit rebates.
Under the NCIA – CIMB Entrepreneur Scheme (NCES), eligible SMEs will be entitled to a rebate of 50 percent on the total interest/profit for their application to the CIMB SME Quick Biz Financing programme.
This initiative will support NCIA’s target of supporting at least 1,000 SMEs and MSMEs in the remaining period of the 12th Malaysia Plan, i.e., 2022-2025.
CIMB Group CEO Dato’ Abdul Rahman said: “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’.”
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 signing ceremony was held on 7 February in Kedah Rubber City, Padang Terap, Kedah, between Abdul Rahman and Datuk Seri Jebasingam Issace John, Chief Executive, NCIA.
Witnessing the exchange of documents was Prime Minister Dato’ Sri Ismail Sabri bin Yaakob. Other ministers and senior officials in attendance included Dato’ Sri Mustapa bin Mohamed, Minister in the Prime Minister’s Department (Economy), Dato’ Seri Mahdzir bin Khalid, Rural Development Minister, Dato’ Seri Azlan bin Man, Perlis Menteri Besar and Dato’ Seri Saarani Mohamad, Perak Menteri Besar.
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 their 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.
For further information on the NCES programme, SMEs may get in touch with their CIMB Relationship Manager or visit any CIMB Bank/CIMB Islamic Bank branch.