by TMR / graphic by MZUKRI MOHAMAD
SME Corp Malaysia, an agency under the Ministry of Entrepreneur Development and Cooperatives (Medac) in collaboration with Malaysian Industrial Development Finance Bhd (MIDF), have introduced a new financing facility called SME Revitalisation Financing (SMERF).
The financing scheme offers financing amount up to RM250,000 or up to 90% of total costs of eligible items with an interest rate as low as 3%.
It has been developed to facilitate viable SMEs constrained by financial difficulties and underserved sectors to sustain and continue to strive through enhancement of their products’ marketability, business sustainability as well as adoption of technology and modernisation.
This product can help strengthen their core businesses, improve productivity and sustain jobs via fast and more flexible ways of financing.
“Introduction of SMERF will give breathing space to SMEs including microenterprises in the face of economic headwinds they are facing.
The financing will ease cashflow blockage faced by viable SMEs in revitalising and achieving business goals, strengthening core business and building capacity and capability,” SME Corp CEO Rizal Nainy (picture) said in a statement.
“We laud the government for leading the way in taking care of SMEs as we fully support its initiative to provide as much assistance as possible to those affected during these trying times,” MIDF’s Development Finance division head Azizi Musa Head said.
“Thanks also to the Ministry of Entrepreneur Development and Cooperatives and SME Corp for providing the funding for SMERF.
“MIDF is pleased to play our part in supporting the nation’s economic recovery and assisting SMEs as the growth engine,” he added.