- MSMEs can get quick access to loans starting at US$ 11 300 through Boost Bank’s Term Loan program.
- The program aims to assist MSMEs in closing funding gaps, improving operations, and pursuing growth.
To improve support for eligible underserved micro, small, and medium enterprises ( MSMEs ) across Malaysia, Boost Bank, the nation’s first homegrown digital bank, has partnered with CGC Digital, a fintech subsidiary of Credit Guarantee Corporation Malaysia Berhad ( CGC). The companies disclosed in a joint statement that a total of US$ 29 million ( RM130 million ) has been allocated for Boost Bank’s financing solutions, the Term Loan Facility and Revolving Credit Facility.
CGC Digital will combine Boost Bank’s MSME financing options with CGC’s ensure coverage to further expand MSMEs ‘ access to finance. This program aims to achieve thousands of MSMEs, closing the crucial funding gap these companies face while enabling them to expand their operations and exploit growth opportunities.
Enterprises can apply for Boost Bank’s Word Loan financing with a simple application process and no paperwork for loans starting at US$ 11 300 ( RMRM50, 000 ). The service allows MSME borrowers to manage their cash flow more effectively by allowing for a maximum loan tenure of up to 36 months without incurring any early settlement costs. Companies can also take advantage of flexible payment options that work with their cash stream goals without paying any penalties.
Revolving credit lending gives MSMEs the freedom to control their cash stream and take action quickly when needed. With its rapid disbursement feature, businesses can get funds in as little as two working days after loan approval.
CEO of Boost Bank Fozia Amanulla stated,” We at Boost Bank understand the crucial role that finance plays in MSMEs ‘ growth. We are committed to providing a platform that opens doors to rise, empowering organizations to overcome obstacles and achieve success, in line with our goal to promote financial participation and growth for underrepresented communities.
” This association with CGC Digital gives MSMEs more flexibility in providing smooth, quick, and affordable financing options, enabling them to overcome challenges and exploit growth opportunities. We may continue to develop innovative solutions that will transform Malaysia’s MSME market,” she continued.
CGC Digital’s CEO, Yushida Husin, stated,” Boost Bank is our first online bank partner, which represents a major step in our effort to facilitate access to financing with digital-first companions.” By working with Boost Bank, we can provide smooth, useful, and accessible financial products that are customized to the specific requirements of MSMEs.
This association gives underserved MSMEs the funding they need to achieve, according to the company’s founder. It also completely complies with the CGC Digital mission, which is to collaborate with digital-first lovers. We’re looking forward to the potential of this relationship and are open to more collaborations with industry pioneers who have digital technologies. Our goal is to keep expanding our offerings, keeping us at the forefront of economic innovation,” she continued.
Both parties pledged to help the underprivileged MSMEs and promote economic inclusion, giving these businesses the support they require to succeed in today’s economy.