AmBank & Sabah Development Bank Berhad offer RM100 million financing to Sabah SMEs

 

AmBank has inked a Memorandum of Understanding (MoU) with Sabah Development Bank Berhad (SDB) to offer RM100 million worth of financing as part of the Sabah SME Guarantee Scheme. The scheme looks to aid SMEs in Sabah who are adversely affected by the COVID-19 pandemic.

The MoU was signed by Dato' Sulaiman Mohd Tahir, Group Chief Executive Officer, AmBank Group and Datuk Vincent Pung, Chief Executive Officer, SDB.

Dato' Sulaiman Mohd Tahir said “This strategic partnership between AmBank and SDB reaffirms our shared commitment to nurture and promote the growth of SMEs. Through this joint initiative, we are offering financing which we hope will help Sabah SMEs weather the financial impact of the pandemic.”

Datuk Vincent Pung said “This collaboration between AmBank and SDB is a timely complement to the Federal and State governments’ initiatives to support a very important sector of our economy. SMEs play an essential part in the socio-economic development of the country, in terms of GDP contribution and job creation. We thank AmBank for taking the initiative to develop this scheme, and we hope that this will be a launching pad for future collaborations.”

The Sabah SME Guarantee Scheme is a financing facility, designed with the primary objective of providing working capital, exclusively for SMEs in Sabah. The facility will be made available in the first quarter of 2021 on a first come, first served basis.