Minister urges SMEs to tap RM5b relief fund as 20 banks join financing scheme
BALIK PULAU, May 30 — 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) provided by the government to help their businesses navigate current economic challenges.
Entrepreneur and Cooperatives Development Minister Steven Sim said the number of financial institutions involved in disbursing the fund has now increased to 20 banks, compared with the 18 banks announced previously.
“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 them address the impact of global economic challenges, including the global energy supply crisis,” he said.
He said this at a press conference after a walkabout with Penang Chief Minister Chow Kon Yeow at the Balik Pulau Morning Market here in conjunction with the Chief Minister’s outreach programme.
Among the banks involved are Bank Islam Malaysia Berhad, Bank Pertanian Malaysia Berhad (Agrobank), Small Medium Enterprise Development Bank Malaysia Berhad (SME Bank), Standard Chartered Bank Malaysia Berhad / Standard Chartered Saadiq Berhad and United Overseas Bank (Malaysia) Berhad.
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 cent per annum for up to five years.
“At the ministry level, we are targeting the disbursement of RM15 billion in financing to entrepreneurs this year and, as of last April, RM4 billion 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.
He said interested entrepreneurs and traders can obtain further information on the list of participating banks through BNM’s website before submitting their applications.
