Boost offers fast tracked Shariah-compliant financing for MSMEs

Capital Plus offers financing from as low as RM1,000 up to RM100,000 over a 15-month tenure at a low profit rate of 1.2% per month

by TMR / pic source: Boost FB

THE Fintech arm of Axiata Group Bhd, Boost offers up to RM100,000 to micro, small and medium enterprises (MSMEs) through Capital Plus, financed through its market leading digital lending subsidiary Boost Credit (formerly Aspirasi).

Capital Plus is a Shariah-compliant micro-financing facility based on Commodity Murabahah, ideal for MSMEs. It offers financing from as low as RM1,000 up to RM100,000 over a 15-month tenure at a low profit rate of 1.2% per month, with no repayment of principal for the first three months. MSMEs do not need any guarantor or collateral to apply for this financing.

“For the merchants on the Boost platform who apply for Capital Plus, they will enjoy a seamless application process not taking more than 10 minutes and funds being disbursed within 48 hours which has become the hallmark of the Boost Credit offering,” Boost said in a statement yesterday.

According to the SME Association of Malaysia, as the country progresses into the endemic phase, cashflow remains a pressing concern for MSMEs as businesses recover and resume operations.

“The pandemic has posed many challenges for MSMEs to continue running their businesses. For most MSMEs, the challenge of maintaining steady cashflow weighs heavily on their minds. In this recovery process, we believe that it takes a collective effort. We are committed to being a reliable partner for our merchants and underserved MSMEs in the country in easing their financial burdens by increasing access to affordable financing,” said Boost CEO Sheyantha Abeykoon.

“One of the key aspects we have incorporated into Capital Plus is a three-month moratorium for MSMEs. We hope that MSMEs will find this micro-financing facility helpful in giving a boost to their recovery journey and provide them the much-needed capital to restart their businesses,” added Sheyantha.

Boost Biz merchants can conveniently apply in under 10 minutes through the Boost Biz merchant app by tapping on “Do More” followed by the “Financing” tile. Alternatively, merchants can contact their assigned Boost representatives to find out more about Capital Plus.

If eligible, MSMEs who apply will receive approval with funds disbursed within 48 hours (two working days) directly into their bank account.

In conjunction with the Chinese New Year, from Jan 24 until Feb 28, 2022, the first 100 Boost Biz merchants who successfully apply for and receive a minimum financing amount of RM10,000 with Capital Plus will earn an extra RM100 cash back under the Huat More with Boost Biz campaign.

This cashback will be credited directly into the merchant’s registered bank account.