CitiBusiness overdraft, a no-collateral revolving credit facility for small- and medium-sized enterprises (SME) is expected to help small businesses and self employed professionals who require a standby revolving credit line to meet short-term cash flow needs and/or to capitalize on opportunities to expand their business.
Seah Boon Ching, head of CitiBusiness for Citibank Berhad, said: Since SMEs account for 99.2% of businesses, 65.1% of the total workforce and contribute 47.3% to the country’s gross domestic product, it makes banking sense to provide more financial and business solutions to this segment. It also makes sense to develop tailor-made products to meet and fit their varying business requirements so that they can contribute more significantly to the country’s economic growth.
