OCBC Bank offering Danajamin PRIHATIN Guarantee Scheme to businesses in need
OCBC Bank (Malaysia) Berhad (OCBC Bank) is now providing its corporate customers with access to further financing through the Danajamin PRIHATIN Guarantee Scheme (DPGS). This is in line with its on-going programme to provide financing support to local businesses affected by the on-going Covid-19 pandemic.
Earlier this year, the Government had announced the DPGS as one of the initiatives under the Economic Stimulus Package (PRIHATIN) to help businesses weather the after-effects of COVID-19. It consists of a RM50 billion guarantee scheme which covers up to 80% of the loan amount for financing working capital requirements.
According to OCBC Bank CEO Dato’ Ong Eng Bin the pandemic has unfortunately continued to place local businesses on a rollercoaster ride of financial stress, necessitating further financing support.
“Through the DPGS we are seeking to alleviate this financial stress with meaningful financing solutions to support our customers’ business resumption activities. The pandemic does not differentiate between business sizes or lifecycle stages, and we recognise that any meaningful form of targeted financing assistance would be of significance to local businesses in this time of need. Having reached out earlier with moratorium and government guarantee schemes to support SMEs, we continue the journey now along the upper tier of the business lifecycle chain with this DPGS offering to larger eligible companies. Together, we hope to enhance our role as a stronghold of financing solutions to support the business operationality of our customers,” he said.
The guarantee scheme supports larger local businesses that have been financially stressed by the pandemic and require an avenue of financing assistance to withstand the resulting economic impact. To-date OCBC Bank has received a significant demand in number of applications for joint assessment under the scheme.
The DPGS is available for application until 31 December 2020 or such earlier date when the DPGS is fully taken up.
For DPGS eligibility details, corporates and businesses may refer to https://www.danajamin.com/business/danajamin-prihatin-guaranteescheme/ or call on their Relationship Managers for more information.
Danajamin is the administrator and manager of DPGS on behalf of Syarikat Jaminan Pembiayaan Perniagaan Berhad (SJPP), a wholly-owned company of Minister of Finance Incorporated.