RM200m In Digital Business Loans Available From Alliance Bank

Alliance Bank Malaysia Berhad (Alliance Bank) will be providing up to RM200m in digital loans to assist small & micro enterprises in capturing market opportunities and accelerate growth as the nation heads into the endemic period.

Offering collateral-free financing from as low as RM20,000 up to RM500,000, Alliance Bank Digital SME is suitable for small & micro businesses.

It is available via a simple online process that only requires submission of the company’s 6-month bank statement. To facilitate the application process, the Digital SME loan application is available in three languages – English, Bahasa Malaysia and Mandarin. Customers can also request for assistance with their online application at any stage by contacting the Bank’s contact centre.

According to Mr. Kevin Shum, Senior Vice President and Head of Digital SME at Alliance Bank, applicants are notified in as little as 24 hours of their loan approval. In FY2022, the Bank provided RM60 million in Digital SME loans to help micro and small businesses grow

The Bank also provides advice to micro enterprises on how to establish credit history and improve their credit profile.

“We also know that micro enterprises may face issues obtaining financing due to their limited credit history. We want to help them build their credit history by starting them with a small credit line, and subsequently help them expand by providing them quick access to financing via Digital SME once they are ready. This financial year, we aim to provide up to RM200 million in digital SME loans,” added Mr. Shum.

In addition to this, Alliance Bank will also be introducing new digital solutions to support micro and small businesses’ growth.

“We want to enable our business customers to remotely open a digital business current account anytime, anywhere. The digital business account will comprise several innovative features, including a small overdraft line and a business credit or debit card to help business owners manage their expenses more efficiently,” explained Mr. Shum.

Apart from its financing options, Digital SME offers advice on managing their business more efficiently.

Dr Aaron Sum, Group Chief Strategy, Marketing and Business Development Officer of Alliance Bank, said that micro and small businesses face their own unique challenges while running their business, such as limited access to operational resources and recruiting talent.

“Through our BizSmart® Solution portal, businesses can access relevant products and services such as digital marketing, logistics, accounting and data analytics at better rates to help them grow and run their business efficiently,” added Dr. Sum.

He also mentions that the BizSmart® Solution portal is a one-stop online business community portal with over 200 partners, enabling business owners to reach out to new customers and access a wide range of business solutions at preferential rates.

The Digital SME financing is applicable to businesses that have been in operations for at least a year and with an annual turnover between RM50,000 and RM30 million.

For more details on Alliance Bank Digital SME, please visit here.