PETALING JAYA: SME Bank has signed an agreement with SME Corp Malaysia to offer fixed working capital financing under the Working Capital@BAP facility for small and medium entrepreneurs (SMEs) affected by the Covid-19 pandemic through a fund allocation of RM50mil.
In a statement, Minister of Entrepreneur Development and Cooperative Tan Sri Noh Omar (pic) said Working Capital@BAP is a joint venture of two agencies under the purview of the ministry that had successfully integrated comprehensive assistance specifically to take SME businesses to the next level.
He said the government, through SME Corp, had provided a revolving fund of RM151.5mil for the BAP Programme, since its introduction in 2011, and SME Bank had acted as the agency that managed and distributed these funds.
“The government is optimistic that 2022 will be the year for the SME sector to continue to rise and improve its growth trajectory
“This is supported by Budget 2022 which allocates RM14.2bil for the SME sector as well as the National Recovery Plan, which focuses on driving economic recovery, ensuring sustainability and at the same time, driving technological improvement and innovation,” he said.
SME Corp chief executive officer Rizal Nainy said there were still many SMEs that needed an injection of funds to enable them to continue to operate during and post-Covid-19 pandemic.
“This fixed working capital financing is intended to help pandemic-affected SMEs continue to operate by facilitating the process of obtaining financing through the use of a simpler valuation format and focus on the type of financing required,” he said.
The BAP programme is open to all SMEs who meet the requirements. Information on the facility can be found on the www.smebank.com.my website or www.smecorp.com.gov.my or by calling the SME Bank Customer Service Centre at 03-26037700. — Bernama
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