RM517 million in soft loans for SME automation still available

KUALA LUMPUR: Small and medium enterprises ( SMEs) should capitalise on the RM517 million funding still available from Malaysian Industrial Development Finance Bhd’s (MIDF) Soft Loan Scheme for Automation and Modernisation (SLSAM).

Group managing director Datuk Charon Wardini Mokhzani said since 2007, MIDF had approved RM2.2 billion in loans under SLSAM for 350 local SMEs.

He said SLSAM, which is the biggest in terms of fund size among six schemes managed by MIDF, is aimed at helping local manufacturers adopt automation in their production process and supporting their journey towards the fourth industrial revolution ( Industry 4.0).

Charon Wardini was speaking to reporters after the signing of a memorandum of understanding (MoU) between MIDF and Malaysian Technology Development Corporation (MTDC) to promote Industry 4.0 and funding facilities for local SMEs through various financial assistance packages.

He said the partnership signified MIDF’s efforts and commitment to the companies within MTDC’s ecosystem to increase their capabilities by upgrading and upscaling their services, or manufacturing infrastructure and facilities, to accelerate greater productivity growth.

MTDC chief executive officer Datuk Norhalim Yunus said both agencies would facilitate sharing of information on SMEs in order to strengthen and to enhance the skills and development of these companies.

“This collaboration marks another milestone for MTDC. We will identify those SMEs who can adapt and come up with products in line with Industry 4.0 and work together with MIDF in the important area of providing financial and advisory services to them,” he said.

Norhalim said MTDC, in its role as the strategic enabler for Industry 4.0, encouraged local SMEs to be innovative and develop the technology capabilities needed to achieve these new industry standards.

“MTDC will be sharing its expertise on the development of technology, technology transfer and commercialisation,” he said, adding that SMEs would also have the access to local Industry 4.0 solution providers via MTDC’s centre of nine pillars. — Bernama