Affin Bank allocate another RM20m to BizDana-i for start-ups

by ANIS HAZIM / pic credit: AffinMy FB

AFFIN Bank Bhd launched its second tranche of BizDana-i Start-Up financing scheme with an allocation of RM20 million to assist ambitious start-up entrepreneurs who have feasible projects with promising business plans.

BizDana-i will provide working capital to help expand their business operation and support growth, Affin Bank said in a statement yesterday.

The first tranche of BizDana-i commenced on Oct 15, 2020, and has a tranche size of RM15 million.

“Due to the 100% take-up rate of the first tranche, the second tranche has increased with an allocation of RM20 million,” Affin Bank said.

BizDana-i Start-Up is an Islamic financing scheme guaranteed by Credit Guarantee Corporation Malaysia Bhd (CGC) and is part of the Portfolio Guarantee scheme.

Affin Bank president and CEO Datuk Wan Razly Abdullah Wan Ali said the bank has partnered with CGC in providing multiple financing schemes aimed at building and nurturing the small and medium enterprises (SMEs) community in Malaysia.

“This partnership has disbursed more than RM250 million, benefitting hundreds of SMEs including start-ups from various sectors,” Wan said.

“Our purpose is to become the “Bank of Choice” for SMEs with a strong emphasis on the underserved start-ups segment because of their potentials to grow with our resourceful and inclusive start-up solutions, that include transactional, financing, protection and advisory & support, putting our “Always About You” value at the forefront,” he said.

According to Wan, SMEs, including start-ups, play a major role as key drivers of the economy.

Therefore, BizDana-i can be utilised by start-ups facing cash flow difficulties to ride out the Covid-19 storm while expanding their business.

“It is crucial for their growth to be fully supported and nurtured by a reliable banking institution so they can propel their business forward, even more so during times of uncertainty,” Wan added

BizDana-i registration is open from June 14, 2021, with up to RM300,000 in financing and repayment tenure of up to 84 months available for eligible start-ups.