BALIK PULAU: Small and medium enterprise (SME) entrepreneurs in the country have been urged to seize the opportunity to apply for financing under the SME Stabilisation Relief Facility (SME SRF) to help their businesses navigate current economic challenges, says Steven Sim (pic).
The Entrepreneur and Cooperatives Development Minister said the number of financial institutions involved in disbursing the fund has now increased to 20 banks, compared with 18 announced previously.
“Bank Negara Malaysia recently announced the RM5bil SME SRF special financing facility, which is part of the government’s efforts to ease the burden on entrepreneurs and help them address the impact of global economic challenges, including the global energy supply crisis,” he said at a press conference.
Among the banks involved are Bank Islam Malaysia Bhd, Bank Pertanian Malaysia Bhd (Agrobank), Small Medium Enterprise Development Bank Malaysia Bhd (SME Bank), Standard Chartered Bank Malaysia Bhd/Standard Chartered Saadiq Bhd and United Overseas Bank (Malaysia) Bhd.
Sim said under the facility, eligible SMEs can obtain financing of up to RM750,000 at a low profit or interest rate of 3.75% per annum for up to five years.
“At the ministry level, we are targeting the disbursement of RM15bil in financing to entrepreneurs this year and, as of last April, RM4bil had been channelled to more than 150,000 entrepreneurs nationwide,” he said.
He said the ministry is also working closely with all 20 participating banks to facilitate the financing application process for SME companies.
