SME Bank approves RM190mil Teras loans out of RM500mil

KUALA LUMPUR (Nov 7, 2012): Sixteen applications for loan facilities amounting to RM190 million have been approved under the High-Performing Bumiputera Companies (Teras) Funding Programme to date, said SME Bank managing director Datuk Mohd Radzif Mohd Yunus.

Source from (The Sun Daily): http://www.thesundaily.my/news/534949
Published: November 07, 2012

Under the programme with a total allocation of RM500 million, SME Bank will offer a loan facility of up to RM20 million per company, for working capital and asset buying financing.

"There are 29 pending applications for loan facilities of some RM470 million to be reviewed and approved," he told reporters after the signing of the Teras Funding Programme between SME Bank and Teraju here yesterday, which was witnessed by Minister in the Prime Minister Department Tan Sri Nor Mohamed Yakcop.

Teras, a programme implemented under the Bumiputera Agenda Steering Unit (Teraju), was launched in mid-2011 to identify high potential Bumiputera companies and to assist business expansion in the local, regional and international markets.

It aims to rope in 1,100 Bumiputera companies under the programme and has a take-up of 210 companies currently.
Earlier, SME Bank signed an agreement of collaboration with Teraju to establish a formal relationship between the two institutions, by outlining their shared commitment and relationship in developing the Teras Funding Programme.

The Teras fund is the next step taken in expanding the capability of Bumiputera entrepreneurs, with SME Bank and Teraju collaborating to fund and oversee the Teras companies, respectively.

As part of its role as a development financial institution focusing on developing SMEs as an engine of growth, SME Bank also launched the Centre of Entrepreneur Development and Research (Cedar), which will function as a resource centre for entrepreneur development and transformation.