BUMIPUTERA Agenda Steering Unit (Teraju) has forged a partnership with Maybank Islamic Bhd to provide RM600 million funding to high-performing Bumiputera small and medium enterprises (SMEs).
The fund will assist SMEs obtain working capital to grow their businesses and buy assets.
The Teras Fund will allocate RM300 million towards asset acquisition.
Maybank Islamic is the fourth bank to ink a deal with Teraju for the trust, which was launched in 2011. The other three financiers are SME Bank, Malaysian Industrial Development Finance Bhd and RHB Islamic Bank.
With the four banks, the fund has ballooned to RM2.2 billion.
Teraju chief executive officer Husni Salleh said the funding facilities would enable the SMEs to enhance their businesses.
He said the objective of Teras is to identify high-potential Bumiputera companies and provide them the opportunities to expand their businesses.
“With the entry of Maybank Islamic, there will be a lot of access to financing facilities for Bumiputera companies,” he said after the signing ceremony between Teraju and Maybank Islamic, here, yesterday.
As at end of last month, a total of RM1.64 billion have been allocated to Bumiputera SMEs, of which 247 applications with a collective funding need of RM845.4 million had been approved.