AmBank SME BizRACE to help 5,000 entrepreneurs grow their business
Published on: Friday, October 06, 2017
ISKANDAR PUTERI: The AmBank Group aims to help 5,000 small and medium enterprises (SMEs) grow their business through the 'AmBank BizRACE' Entrepreneurship Challenge by giving them the opportunity to share ideas and attend business courses.Its Business Banking Managing Director, Christopher Yap said this was part of AmBank's ongoing support programme which focused not only on financial assistance."We are targeting at least 20 per cent of the 5,000 SME entrepreneurs from Johor as it has a vast SME market and we have an attractive development plan to assist them.
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"We have received applications for financing totalling RM4.8 billion from January until June 2017 under the business banking (division) and 70 per cent of applications have been approved," he told reporters after giving a briefing on the 'AmBank BizRACE' Entrepreneurship Challenge here yesterday.Yap said the programme is a platform for entrepreneurs who strive to expand their markets, especially globally."Most SMEs begin from start-ups that typically reach business maturity within three years, and over the period they may still seek help but not after they surpass their maturity."Our findings show that 80 per cent of SMEs failed to survive this mature age. So, many SMEs are in a quandary when faced with the situation on how to grow their business to a higher level," he said.
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He said the training provided would include business leadership development, ways to upgrade models, business systems and structures, and cultural transformation, as well as opportunities to penetrate the market through product branding."We find that most of these businesses need knowledge and skills, as well as opportunities to go further and those who register for this programme will have the opportunity to attend five free AmBank BizConference briefings involving knowledge sharing between SME chief executive officers and industry players," he said.
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The AmBank BizConference briefings had been held in Penang (Sept 19) and Johor Bahru (Oct 5), while the upcoming ones will be held in Kota Kinabalu (Oct 10), Kuching (Oct 12), and Kuala Lumpur (Nov 1).Yap said so far more than 500 SME entrepreneurs had registered online via www.ambankbizclub.com. The closing date is on Nov 15, 2017."We practise the concept of the early bird catches the worm and will pick 100 entrepreneurs based on their ideas on how to expand their business for a pitching session with AmBank panels and managing director of giant companies."The top 15 entrepreneurs will have the opportunity to join the RM1.2 million Entrepreneurship Development Programme, the RM500,000 Harvard Manage Mentor digital programme and a five-day leadership and culture development course worth RM350,000," he said.Stay up-to-date by following Daily Express’s Telegram channel.
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