Malaysia’s Bank Negara sets up RM2 Billion SME Scheme

                                                                                         

Bank Negara Malaysia has recently launched a SME Assistance Guarantee Scheme (SAGS) worth Malaysian Ringgit (RM) 2 billion. This scheme will ensure that the small and medium enterprises (SMEs) in Malaysia that have been adversely affected by the economic downturn continue to have easy access to credit for their projects and expansion plans.

Under the SME Assistance Guarantee Scheme, eligible SMEs can procure funds up to RM 500,000 for tenure of up to five years. The bank is also planning to increase credit availability for viable small businesses in Malaysia and offer them finance at a lower interest rate.

As a part of this scheme, the Credit Guarantee Corporation (CGC) will extend an 80% guarantee cover on principal and normal interest for approved SME financing. The remaining risks will be taken care of by participating financial institutions.

Financing obtained under this scheme is applicable for new loans, and would be provided for commercial purpose like project financing, working capital and capital expenditure. Applications for this scheme will be open from February 3 till December 31 this year.

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