MIDF approves RM790 million in loans to help Sabah businesses

Malaysian Industrial Develeopment Finance Bhd has approved RM790.3 million in loans to 774 companies in Sabah as at March 31, 2019.

Development Finance Division head Azizi Mustafa said MIDF will continue to support local companies with various types of financial assistance to enable these businesses to be competitive, as well as resilient when facing economic challenges.

“To help develop Malaysian businesses, MIDF has prepared several financial schemes for small and medium enterprises (SMEs) that are competitive and advanced in the manufacturing and services sectors,” he said during the opening ceremony of the Industry4WRD and Automation seminar yesterday.

The seminar was officiated by International Trade and Industry Minister Datuk Darell Leiking.

Azizi said MIDF is currently managing a RM2.6 billion easy loan scheme to help local SMEs remain competitive.

He said the group has prepared comprehensive financing with a high rate of finance, good repayment terms with longer repayment periods and loan interest rates as low as four per cent annually.

“To date, MIDF has helped 11,000 local companies with approved financing of RM14.9 billion since its establishment in 1960,” he said.

Azizi said although the country’s vision is to move towards Industry 4.0, many SMEs are being left behind.

“It is MIDF’s mission to prepare SMEs with financial assistance and information on products, services and financial incentives to help these companies increase their productivity,” he said.

Meanwhile, Leiking urged entrepreneurs in Sabah to grab hold of the opportunities and full benefits of the financing schemes provided by MIDF to propel their business potential. — Bernama