SME Factors Extends Services to Sabah
SME FACTORS EXTENDS SERVICES TO SABAH
A key milestone for local SMEs – Datuk Raymond Tan
KOTA KINABALU, 9 May 2011– Minister of Industrial Development Sabah, Datuk Raymond Tan Shu Kiah today officially launched ‘SMEsuccess’, a suite of financing solutions especially designed for small and medium enterprises (SMEs) by SME Factors Sdn Bhd.
SMEsuccess is a range of products and services including cash flow facilities offered by SME Factors to local SME entreprenuers and contractors. The Petaling Jaya-based company is licenced by Bank Negara Malaysia and the Ministry of Finance and specialises in receivables financing by providing cash flow solutions to all types of SMEs regardsless of industry or size, from start-ups to multi-million ringgit companies.
Datuk Raymond Tan in his speech said: “The State Government has always encouraged the private sector to join us in nurturing and supporting the growth of SME entrepreneurs, especially in providing them access to funding and rolling capital that are key to their survival, as was done by SME Factors.”
“The launch of SMEsuccess by SME Factors in Sabah today marks a key milestone for the progress of contractors in Sabah. With the ability of SME Factors to entend facilities in excess of RM500 million to 600 contractors in the Peninsular so far, it is now time for Sabahan entrepreneurs to make use and benefit from the facilities towards strengthening their businesses and be more competitive in facing future challenges,” added the Minister.
Meanwhile, the Managing Director of SME Factors Syed Zed Al Qudsy said: “The rapid economic and industrial growth in Sabah is really impressive. The State Government has laid all the right measures to attract investors and entrepreneurs to build and develop the state economy together and the business-friendly approach must be be continued and emulated by other states. Against this positive backdrop, SME Factors made the bold decision to extend our services to SME entreprenuers and contractors in Sabah.”
According to Syed Zed, the launch of SME Factors’ services in Sarawak to be held on Wednesday would complete its nationwide presence.
SME Factors started its financing facility services targeted at the SMEs in the Peninsular in 2008. It has so far extended facilities in excess of RM500 million to about 600 contractors undertaking projects under the Government or government-linked companies (GLCs). It has planned on extending its services to SMEs carrying out projects from the private sector by the second half of the year.
In conjunction with its launch in Sabah and Sarawak, SME Factors is also organising seminars for local SME entrepreneurs and contractors in Kota Kinabalu and Kuching. About 100 participants will be attending the seminar at each venue.
“SME Factors aspires to help grow the SME sector into one of our key economic pillars. A steadily-growing SME sector will spur internal demand and investments in the country and we will be less dependent on the export market,” said Syed Zed.
He added: “With the Economic Transformation Programme and the Tenth Malaysia Plan being rolled out by the Government, the confidence level towards our economic growth has become more evident and stronger. Various projects worth over RM300 billion are underway and these will result in trickle-down effects that cascade down the benefits to all Malaysians especially the SME entrepreneurs and contractors.”
Syed Zed said having full understanding of the many dilemmas and predicaments faced by SMEs, SME Factors is committed to sharing its experience and expertise to help the SME sector grow stronger towards becoming one of the nation's key economic pillars.