RM12 billion in soft loans to SMEs approved as of September 10


KUALA LUMPUR: Applications for RM12.43 billion under soft loan programs for small and medium enterprises (SMEs) have been approved by local banks and accepted by SMEs as of September 10, 2021.

Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said loans managed by Bank Negara would benefit 26,154 SMEs.

“The amount includes the Special Relief Facility (SRF), the Automation and Digitization Facility (ADF), the Facility for All Economic Sectors (AES) and the Agri-Food Facility (AF) funds”, said he said during the 69th Interagency Economic Stimulation Implementation and Coordination Unit (Laksana) released yesterday.

He reiterated that although the SRF funds were fully utilized, SMEs could still apply for financing programs that were still available through Bank Negara funds such as ADF, AES and AF.

SMEs can also apply for other funding through the imSME platform via the link https://imsme.com.my/portal/bm/ which can help match the required funding with various funders for business. On the SME Digitization Grant, Tengku Zafrul said a total of RM96.46 million had been channeled to 34,761 SMEs as matching grants as of September 10, 2021.

“Bank Simpanan Nasional has provided 50% matching grants of up to RM 5,000 to help SMEs adopt digitization services into their daily business operations and increase the competitiveness and productivity of businesses.

“Each SME is allowed to request up to three types of services from one or more digitization service providers registered with the Malaysian Digital Economy Corp,” he said.

He said each grant was only provided by the government for a period of five years from February 17, 2020 or when it reached 100,000 applications, whichever comes first.

Regarding Danajamin Prihatin’s guarantee program, Tengku Zafrul said that 86 requests for a total of RM 1.72 billion of guarantees benefiting 52 companies had been approved as of September 10, 2021.

“The fund which was announced by the government as part of the Prihatin Economic Stimulus Program provides a guarantee mechanism worth RM 50 billion that covers up to 80% of the loan amount to finance the needs in working capital.

“The program is aimed at viable businesses from all sectors facing difficulties due to the Covid-19 epidemic,” Tengku Zafrul said.

To date, a total of 11 banks have participated in the program, namely Malayan Banking Bhd, CIMB Bank Bhd, OCBC Bank (M) Bhd, Alliance Bank Malaysia Bhd, AmBank (M) Bhd, Hong Leong Bank Bhd, United Overseas Bank (M) Bhd, Affin Bank Bhd / Affin Hwang Investment Bank Bhd, RHB Bank Bhd, Bangkok Bank Bhd and MIDF Amanah Investment Bank Bhd. – Bernama

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