KUALA LUMPUR (May 22): OCBC Bank (Malaysia) Bhd has introduced financing support for small and medium enterprises (SMEs) affected by ongoing geopolitical tensions in the Middle East.
In a statement, OCBC Malaysia said the initiative involved channelling funds under the RM5 billion SME Stabilisation Relief Facility, which provides working capital financing to help viable businesses manage cash flow pressures and operational disruptions.
The bank said it will prioritise faster processing of applications and disbursements under the programme to improve access to funding for affected customers.
OCBC Malaysia is the latest to join the initiative backed by Bank Negara Malaysia to provide financial assistance to small and medium businesses affected by disruption linked to the geopolitical conflict in the Middle East.
The scheme also carries up to 80% guarantees from Credit Guarantee Corporation Malaysia or Syarikat Jaminan Pembiayaan Perniagaan.
“This facility complements our existing suite of relief programmes for SME customers, and we will continue to engage them closely to understand their evolving needs while providing practical support as they navigate current challenges,” said OCBC Malaysia chief executive officer Tan Chor Sen.
Loan financing under the facility can go up to RM750,000 per SME, with interest rate capped 3.75% per year, including guarantee fees. The facility is available until Dec 31, 2026 or until the allocated funds are fully utilised.
SMEs can apply through their relationship managers or OCBC Malaysia’s business banking channels, said the bank.