SME Corp and MIDF Launch Financing Scheme for Affected SMEs

SME Corp Malaysia, an agency under the Ministry of Entrepreneur Development and Cooperatives (Medac), is working with Malaysian Industrial Development Finance Bhd (MIDF) to introduce a new financing facility named SME Revitalisation Financing (SMERF). SMERF is a scheme for small businesses severely affected by the Covid-19 pandemic.

In a joint statement on July 26, they said the scheme targets small and medium enterprises (SMEs) facing financial problems and underserved sectors impacted by the Covid-19 restrictions.

 

SMERF helps SMEs to manage cash flow

This latest financing scheme intends to empower SMEs to handle their cash flow better during these difficult times and ensure the continuity of their operations.

A financing scheme under the government's Strategic Programme to Empower the People and Economy (PEMERKASA), SMERF is channelled via SME Corporation Malaysia and implemented by MIDF.

The financing facility will help SMEs strengthen their products' marketability, business sustainability, and adopting technology and modernisation. SMERF is currently offering financing amounts of up to RM250,000 or up to 90 per cent of the eligible items' total costs with a meagre interest rate of 3%. 

The Chief Executive Officer of SME Corp, Rizal Nainy, stated that SMERF would provide breathing space to SMEs, including microenterprises, because of the economic headwinds. 

He said that the financing would ease cash flow blockage faced by viable SMEs in revitalising and achieving business goals, establishing core business, and building capacity and capability. 

The head of MIDF's development finance division, Azizi Mustafa, said MIDF wholly supports the government's action to provide as much aid as possible to SMEs affected during these challenging times. 

Azizi said Medac and SME Corporation Malaysia have been very supportive in supplying the funding for SMERF. 

SMERF has started accepting applications from affected SMEs on Monday, July 26. 

 

Want to know more?

If you would like to learn more about the SMERF financing scheme or about the reduction in financing rates, you may call MIDF via its business advisory unit at 1-300-88-6433. You may also email MIDF at GrowYourBusiness@midf.com.my.

Source: SME Corp

 

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