Finance Minister Lim Guan Eng has launched two new government guarantee schemes for small-medium enterprises (SMEs) - one for women-owned firms and one for export-oriented ones.
Like other government guarantee schemes, they will be managed by ministry agency Syarikat Jaminan Pembiayaan Perniagaan (SJPP).
Lim also launched the updated terms for two existing SJPP schemes today.
Guarantee coverage for the “Automation and Digital Guarantee Scheme” plus the “Working Capital Guarantee Scheme - Bumiputera” has been increased from 70 percent to 80 percent of loan values.
In addition, guarantee coverage fees for the “Automation and Digital Guarantee Scheme” has been reduced from one percent to 0.75 percent per year.
Lim touted the ability of these initiatives, which were announced in his Budget 2020 speech last October, to empower local SMEs to grow into “global champions”.
“With the official launching of the enhanced guarantee schemes, I hope SJPP can raise its performance and help more credible SMEs in upgrading itself to gain better access to funding.
“It is also my wish that all participating financial institutions will play a bigger role in SME financing through your collaborations with SJPP,” he said at the event in Kuala Lumpur.
Aside from these four schemes, SJPP also runs two other government guarantee schemes - a general Working Capital Guarantee Scheme and one especially for start-ups.
For details and qualifying criteria for all six schemes, please refer to SJPP’s website.
Qualified applicants can obtain these guarantees through participating financial institutions, among them RHB Bank, UOB Malaysia, Maybank, Bank Islam, Standard Chartered Bank, HSBC Bank, SME Development Bank, Agrobank and the Malaysian Industrial Development Finance Bhd (MIDF). - Mkini
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