Small- and medium-sized enterprises (SMEs) have been promised faster loan approvals by Bumiputra-Commerce Bank Bhd (BCB).
The bank has signed a collaboration agreement to speed up the loan application process with SME development authority Small and Medium Industry Development Corp (Smidec).
BCB senior vice-president for business banking, Engku Fauzan Engku Muhsein, said that there are many technical assessments the bank has to perform when a customer approaches it. This had in the past prolonged loan application process.
However, when SMEs apply with Smidec’s recommendation and endorsement, the approval period will be shorter as the technical aspects have been addressed by Smidec. BCB can then immediately look into the applicant’s cash flow position and decide on the loan approval.
