KUALA LUMPUR: Many SMEs are now steadily building their business momentum to capitalise on the reopening of the economy following the financial assistance offered by Public Bank throughout the Covid-19 pandemic.

       In a statement on Monday, Public Bank said SMEs have continued to adapt to the new normal posed by the pandemic while the reopening of the economy, including the resumption of interstate travel, have enabled them to rebuild their businesses.

       Since the beginning of the pandemic in March 2020, Public Bank has been offering financial assistances to help its customers to tide through the pandemic.

       Ensuring SMEs’ continuous access to financing is vital and despite the tough operating environment, Public Bank has approved more than RM12.7bil of financing to more than 50,000 SMEs since the beginning of the pandemic.

       Public Bank’s managing director and chief executive officer Tan Sri Tay Ah Lek (pic, below) said the bank has been weathering the storms with their customers through thick and thin throughout the years, including three global crises and is not stopping any time soon. “We are in this together,” he said.

       Tay Ah Lek Public Bank.jpg Aug20

       Although customers of the bank are gradually getting back on their feet again financially, Tay stressed Public Bank is always ready to "handhold them again at any time".

       The improvement in the economy is greatly supported by the government and Bank Negara Malaysia with their ongoing proactive policy support and guidance.

       Various financing schemes, such as the Special Relief Facility, Targeted Relief and Recovery Facility, Penjana SME Financing and others have all helped to put the whole economy on a better footing.

       During the first lockdown in 2020, an event organiser who only wants to be known as Arif shared his worries, and was prepared for the worst.

       “I am concerned of how to pay my bank instalments as I just only started a business with a loan and I have not made a profit yet,” Arif said.

       All his staff was retained throughout the pandemic, as he expressed his gratitude to Public Bank which steadfastly stood by them by offering them a helping hand through the various financing assistance schemes, beginning with the first loan moratorium in 2020.

       For motorcycle repair and sales business owner who only wants to be known as Sujendran, he is grateful that Public Bank’s assistance has not only took away his worries, but has also helped all his workers retain their job, ensuring that they are still able to put food on table.

       With the financial assistance, Sujendran can now afford to take a breather on his worry – which would have kept most SMEs up at night, not knowing what tomorrow would bring.

       “I am less worried as I can sustain the business with all my workers working for the time being,” he said.

       Arif and Sujendran are some of the 1.5 million customers who have received Public Bank’s first six-month loan moratorium between April and September 2020 offered to customers affected by the Covid-19 pandemic.

       Another SME owner who only wants to be known as Foo shared her concerns of the pandemic, and has prepared herself for the worst. “This include loss of income, shutting down my business, among others,” she said.

       The biscuit manufacturer with more than 70 workers managed to tide through the pandemic with the subsequent repayment assistances offered by Public Bank.

       Over 429,000 customers with more than RM76bil loans continue to receive these targeted repayment assistances as of end September 2021.

       Arif said the application process for the financial assistance was smooth and approval was granted in less than a day.

       Sujendran said: “Public Bank staff explained to me patiently and they were empathetic when I asked for help,” he said.

       Arif, Sujendran and Foo are among the SMEs who have received assistance via the various government and Bank Negara Malaysia chemes which Public Bank has approved an amount of RM3.4bil, assisting more than 17,000 SMEs.

       What some of these SMEs have in common when sharing their feedbacks was that they were confident that Public Bank would continue to work hand in hand with them throughout these trying times.

       “I have been a customer of Public Bank for many years. When I told the bank my business was greatly affected by the pandemic and I needed financing to stay afloat, the Bank immediately understood what my needs are. The financial assistance was then granted without much hassle,” Arif said.

       SMEs are the backbone of the nation’s economy and Public Bank has been reaching out to them to ensure that they have all the necessary liquidity to stay afloat through this pandemic.

       “Every single ringgit that goes to them, will go a long way, from buying raw materials from suppliers to making a profit which will eventually be contributed as taxes payable to the Government. In the process, their employees and those working in the whole supply chains get to put food on the table for their families,” Tay said.

       "Ongoing engagement will continue and various flexible repayment packages will remain open for applications. We are committed to continue assisting customers who are still financially impacted by the pandemic.”

       Public Bank’s digital platform enables a straight-through online process on customers’ submission for the repayment assistance.

       SMEs can continue to contact the Bank via SME Helpdesk, email or telephone. For further information, they may also visit the bank’s website at www.pbebank.com.