Press Release 2012
Budget 2013 Meets UOB SME Customers' Financing Wishlist
Kuala Lumpur, 4 October 2012 - The new small and medium-sized enterprises (SMEs)-related initiatives introduced in Budget 2013 will help to address the top concerns of Malaysian SMEs, according to a survey conducted by United Overseas Bank (Malaysia) Bhd (UOB Malaysia).
The UOB Malaysia SME Survey 20121 found that two out of every three (66 per cent) survey respondents planned to expand their market reach over the next three years but to do so, said they would need improved access to financing.
In this regard, Budget 2013 initiatives such as the RM1 billion SME Development Scheme, the RM200 million Halal Industry Fund, the RM200 million Intellectual Property Financing Fund and the provision of loans for the modernisation of small businesses would provide more financing options to support SMEs with their expansion plans.
Mr Wong Kim Choong, Chief Executive Officer, UOB Malaysia said, "At UOB, we are already seeing an increase in demand from our SME customers for contract financing for ETP2 projects. We expect the Budget 2013 SME-initiatives to help Malaysian SMEs tap into additional opportunities available as part of ETP."
Capital expenditure (plant, property or equipment) was ranked by the survey as the most significant investment or expenditure that will be made by Malaysian SMEs in 2013 by one in every three (33 per cent) respondents, followed by human capital expenditure (18 per cent) and investment in advertising and marketing (17 per cent).
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1 UOB Malaysia conducted a survey with 450 Malaysian SME owners across multiple sectors to seek their views on business and economic sentiment, and key business priorities for 2013. The survey was concluded in September 2012.
2 The Economic Transformation Programme (ETP) is a comprehensive plan by the Malaysian Government to transform Malaysia into a high-income nation by year 2020. Specific initiatives and projects have been identified under the 12 National Key Economic Areas to drive economic transformation.