MIDF to approve RM150mil in financing

Companies that provide short-term consumer loans at high interest rates are on the increase in countries like Indonesia and the Philippines as many people struggle to get advances through traditional channels such as banks.

KUALA LUMPUR: Malaysian Industrial Development Finance Bhd (MIDF) expects to approve RM150mil in financing this year under two guarantee schemes in collaboration with Syarikat Jaminan Pembiayaan Perniagaan Bhd (SJPP).

MIDF group chairman Tan Sri Abdul Rahman Mamat said the two schemes – the automation process guarantee and intellectual property guarantee – are in addition to the existing schemes, namely the services sector guarantee scheme, working capital guarantee scheme, and working capital guarantee scheme for startups. — Bernama