KUALA LUMPUR: Affin Bank Bhd has introduced its second tranche of the BizDana-i Start-Up financing scheme to help start-up entrepreneurs who have feasible projects.
The BizDana-i Start-Up financing scheme is an Islamic financing scheme guaranteed by Credit Guarantee Corp Malaysia Bhd (CGC) and is part of the portfolio guarantee scheme.
Affin Bank said the BizDana-i Start-Up financing scheme aims to assist ambitious start-up entrepreneurs who have feasible projects with promising business plans by providing working capital to help expand their business operation and support growth.
"The first tranche commenced on October 15, 2020, with a tranche size of RM15 million. Due to the 100 per cent take-up rate of the first tranche, the second tranche has increased with an allocation of RM20 million," the bank said in a statement today.
President and chief executive officer Datuk Wan Razly Abdullah Wan Ali said the bank had partnered with CGC in providing multiple financing schemes aimed at building and nurturing the small and medium enterprises (SMEs) community.
Wan Razly said the partnership had disbursed more than RM250 million, benefitting hundreds of SMEs including start-ups from various sectors.
"Our purpose is to become the 'Bank of Choice' for SMEs with a strong emphasis on the underserved start-ups segment because of their potential to grow with our resourceful and inclusive start-up solutions," he said.
Wan Razly said the BizDana-i Start-Up financing scheme could 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," he added.
BizDana-i Start-Up financing scheme's registration is open from June 14 with up to RM300,000 in financing and repayment tenure of up to 84 months available for eligible start-ups.