SME contributes 38.3% of Malaysia GDP in 2019. Besides, they contribute significantly to our job market. When Covid-19 and lockdown happened, many SME were hit badly. Thus, many SME entrepreneurs have no choice but to lay off some people. We stand in the shoe of the SME entrepreneurs. Therefore, we have got you covered with a list of funds and scheme.
1. RHB Penjana SME Financing Scheme (PSF)
RHB Bank offers the Penjana SME Financing Scheme to help business operations to sustain and assist SMEs who are adversely affected by the pandemic. The purpose of financing is for working capital purpose. Eligible SME entrepreneurs can get a maximum loan size of RM500,000 with a chargeable interest rate of 3.5% per annum.
2. Young Entrepreneur Fund (YEF)
Good news, young entrepreneurs. You can now opt for YEF! Under this scheme, eligible SMEs can get financed up to 100% working capital. If you are looking at Shariah Financing product options, this is the right one to go. The loan funding ranges from RM50,000 to RM100,000 for the business.
3. CISCO 0% Financing Program
SME can now purchase Cisco’s products at 0% interest without any upfront costs and a fixed 3-year monthly payment term. SME entrepreneurs can enjoy this offer for all of Cisco’s product portfolio. The affected SMEs can kick-start their digital journey under this financing program.
4. Agrobank Relief Measure: Special Relief Facility
Agrobank offers a prompt, collateral-free financing facility up to RM1 mil for each SME with an interest rate of 3.5% per annum. Besides, the eligible SMEs can get financing with a tenure of 5.5 years.
5. Aspirasi Capital: Micro-Financing
Aspirasi, a subsidiary of Axiata, offers microfinancing for those who are currently restarting their business during this difficult time. Therefore, you can get the financing up to RM20,000 without repayment for the first six months through Aspirasi Assist. Under this program, you can enjoy the PA insurance plan, Aspirasi SME Owner Protect-X that gives you a lump sum of RM10,000 payout.
6. MIDF: Soft Loan Scheme for SME (SLSME)
This scheme assists entrepreneurs in the project, fixed assets and working capital financing. The minimum amount of funding is RM50,000. If you opt for project financing, you get financed up to RM5 million. The purpose of the financing can be working capital, plant and machinery, IT hardware and software, business premises construction.
In addition to the fund and schemes above, there are other financial institutions provide Penjana Financing Schemes. Thus, do reach out to the respective bank representatives to enquire more details.