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Firm to give out RM100m in loans to SME contractors

Marazizi (left) and Syed Zed express confidence in SME FACTORS’ growing presence in Sabah

10th May, 2011

KOTA KINABALU: SME FACTORS has set a target of RM100 million of disbursements to contractors in Sabah by year’s end, according to its CEO Syed Zed Al Qudsy, yesterday.

SME FACTORS, specialising in receivable financing, caters to government contractors and suppliers. In accounting terms, receivable is money owed to a company by a customer.

Yesterday, it introduced SMEsuccess, a suite of financing solutions, to 100 contractors in the state capital.

Its principal activity is to provide cash flow solutions by way of purchasing government account receivables from the borrowers. Its objective is to create value in providing financial solutions to SMEs and help them achieve their business goals, according to its statement.

The uniqueness of SME FACTORS is its accessibility of credit facilities and speed of processing and approval. “Any company can apply and the percentage of approval will be high,” said Syed Zed.

All kinds of businesses and of whatever size are eligible to apply for its credit facilities, the CEO added.

“We are here to build long term business relationship in Sabah as we want to be viewed as a trusted financial option,” said Syed Zed, elaborating that this requires hard work in fast-tracking disbursements for the clients.

“If you have a project and in need of funds, even as new as one-month old or not as financially sound – SME FACTORS has a solution for you that is tailored to your situation,” Syed Zed said in welcoming those with cash flow problems to apply for its facilities.

On the repayment, he said that it is tied to the project’s completion. Syed Zed said that the financing follows Islamic principles but forbids interests. It could vary from two to three per cent per quarter to eight per cent per annum. “Obviously, it might be a bit higher than commercial banks but our premium is on ease and speed.”

As to SME FACTORS’ financial strength, he said that it recently had a working arrangement with MBSB for RM500 million and another tie-up with a foreign bank for facilities. “As we go along, we will collaborate with more financial institutions.”

According to its Chief Operating Officer Marazizi Omar, SME FACTORS will be setting up an office in Sabah in due course with Sabahan in charge who has better understanding of local environment.

Meanwhile, the application for facilities can be done online. The company has a mobile team that travels throughout the country to attend to clients and prospects.

“The rapid economic and industrial growth in Sabah is really impressive,” said Syed Zed, crediting the state government for all the right measures to attract investors as well as its business friendly approach which must be emulated by other states.

Against this backdrop, SME FACTORS made the bold decision to extend its services to SME contractors in Sabah, he said.

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