Back to the island: Small and medium enterprise owners in the country have been urged to take advantage of the opportunity to apply for financing under the SME Stabilization Relief Facility (SME SRF) provided by the government to help their businesses deal with the current economic challenges.
Entrepreneur and Cooperative Development Minister Steven Sim said the number of financial institutions involved in distributing the funds has now increased to 20 banks, up from the previously announced 18 banks.
“As we are aware, Bank Negara Malaysia (BNM) recently announced the RM5 billion SME SRF Special Financing Facility, which is part of the government’s efforts to ease the burden on entrepreneurs and help offset the impact of global economic challenges, including the global energy supply crisis,” he said at a press conference after outing with Penang Chief Minister Chow Kon Yeow at the Balik Pulau Morning Market in conjunction with the Chief Minister’s Outreach Programme.
The banks involved include Bank Islam Malaysia, Bank Agriculture Malaysia, Small Medium Enterprises Development Bank Malaysia, Standard Chartered Bank Malaysia/Standard Chartered Sadiq and United Overseas Bank (Malaysia).
Sim said under the facility, eligible SMEs can obtain financing of up to RM750,000 at an interest rate of 3.75% per annum for up to five years, whichever is earlier. “At the ministry level, we are targeting to disburse RM15 billion in financing to entrepreneurs this year and as of last April, RM4 billion has been disbursed to more than 150,000 entrepreneurs nationwide.”
The ministry is working closely with all 20 participating banks to facilitate the financing application process for SME companies, Sim said, adding that interested entrepreneurs and traders can get more information on the list of participating banks through BNM’s website before submitting their applications.
