by NUR HAZIQAH A MALEK / pic by BLOOMBERG
AFFIN Bank Bhd has launched BizDana-I financing scheme guaranteed by Credit Guarantee Corp Malaysia Bhd worth RM15 million for start-up businesses, where eligible entrepreneurs can receive up to RM300,000 in financing with a repayment of up to 84 months.
Affin Bank group CEO and president Datuk Wan Razly Abdullah Wan Ali said every viable business should be allowed to thrive and survive, including start-ups.
“While there are multiple financing choices available for small and medium enterprises (SMEs), start-ups are often underserved as they are considered the riskier segment.
“With appropriate risk mitigation processes in place, Affin Bank will continue its stance as the preferred bank for this emerging segment by offering them the necessary resources to nurture, build and grow inclusively,” he said.
He added that the financing scheme further enhances the already established and multiaward-winning start-up banking proposition by Affin Bank, as SMEs play a crucial role in driving the country’s economic growth.
“In addition to being instrumental in boosting the growth of SMEs and start-up segments, Affin Bank Portfolio Guarantee Financing Scheme is also able to help them from the impact of Covid-19 pandemic with much-needed cashflow.
“It is a positive stimulus package for those who want to restart and revive their small businesses”, he said.
The financing scheme aims specifically to assist ambitious start-up business owners with feasible projects and promising business plans with the necessary financing.
The initiative pledges to provide financing for start-ups with an operation period as short as six months, with no collateral needed to boost their working capital, expand business operations and support growth.
Eligible start-ups may start applying effective on Oct 15, 2020, and can look for further information on the financial institution’s website at www.affinbank.com.my, contact via email at [email protected] or call 03-4142 3916.
The bank’s unique product initiatives, including the start-up banking proposition, has been internationally recognised by awards, such as The Asset Triple A Awards, Asian Banking and Finance Retail Awards, The Malaysia Book of Records and International Finance Awards for its support in the SME community development.