CIMB launches green loan for SMEs
They can receive rebates of up to 0.4% depending on their targets.
CIMB Singapore has launched the SME Sustainability Linked Loan/Financing Programme (SME SLL/SLF Programme) aimed at providing small and medium-sized enterprises (SMEs) with easier access to sustainable financing.
Clients will enjoy rebates of between 0.2% to 0.4% when they meet pre-set sustainability performance targets (SPTs).
For the first 12 months of enrollment, CIMB will give its clients a 0.2% rebate on their interest/ profit rates upon successful verification of baseline emissions.
From the second year, this rebate can increase to 0.4%, depending on the sustainability performance targets achieved.
CIMB worked with STACS, a Singapore-headquartered ESG data and technology solutions company; and Bureau Veritas, a testing, inspection, and certification company, to make the programme happen.
Once clients have agreed on an SPTs with CIMB, they will calculate their baseline carbon emissions through ESGpedia, a digital platform by STACs.
Bureau Veritas will verify whether clients have achieved their targets.