KUALA LUMPUR, June 27 — Hong Leong Bank Bhd (HLB) is allocating RM2.5 billion towards loans for the small and medium-sized enterprise (SMEs) segment for its financial year ending July 2019.

Hong Leong Group managing director and chief executive officer Domenic Fuda said SMEs were facing increasingly challenging conditions that require greater agility and speed in their response.

"This will help drive the growth of our SMEs business segment and is considered as key growth area for the banking group which has contributed 16 per cent to the total loan growth,” he said during the product launching of SME Elite today.

SME Elite is a comprehensive suite for digital business and financing solutions that will serve the need of SMEs cash management, advertising and promotion solutions, property financing and working capital scheme to support them in daily business operations, he said.

The scheme allows qualified SMEs to secure loans of up to RM5 million for property purchases and refinancing.

It is bundled with working capital requirements up to 150 per cent margin of financing.

To date, the bank has 120,000 clients for borrowing and non-borrowing financial products within its SME segment.