Home ‘SMEs who don’t qualify for SRF can apply for micro credit scheme’
KUCHING: Small and medium enterprises ( SMEs) and micro entrepreneurs who do not qualify for Bank Negara Malaysia’s Special Relief Fund (SRF) can still apply for the RM50 million Micro Credit Scheme, said Deputy Chief Minister Datuk Amar Awang Tengah Ali Hasan.
He said the loans will be interest-free for three and a half years, and can be made through the Ministry of International Trade and Industry, Industrial Terminal and Entrepreneur Development.
“This Micro Credit Scheme has less stringent requirements as compared to the normal bank loans, and these loans will also be interest-free for three and a half years,” he said in a statement yesterday.
This was following feedback from SMEs and small businesses that had failed to qualify for the interest-free loans for SMEs under the Sarawakku Sayang Special Assistance 2.0 announced by Chief Minister Datuk Patinggi Abang Johari Tun Openg last Friday.
Abang Johari said the state government is providing RM1
This Micro Credit Scheme has less stringent requirements as compared to the normal bank loans, and these loans will also be interest-free for three and a half years. Datuk Amar Awang Tengah Ali Hasan
billion in interest-free soft loans through collaboration with Maybank, Hong Leong Bank and RHB Bank under the SRF, by absorbing the interest costs due to be released to over 40,000 SMEs in the state.
With that, Awang Tengah said the RM2.254 billion Sarawakku Sayang Special Assistance 1.0 and 2.0 provided by the state government will give a lifeline to the people, SMEs, micro entrepreneurs, hawkers and petty traders during this challenging time.
He said this is possible because the state government has been prudent and disciplined in its financial management over the years.
“It has accumulated sufficient financial surpluses to assist our ‘rakyat’ and business communities in times of crisis such as this.
“For this, we must thank the chief minister for being very caring towards the needs of Sarawakians.”
Awang Tengah said for the people and the business communities, life would not be the same post-Movement Control Order (MCO), where the need for social distancing would be more evident.
He said the business landscape has changed dramatically, and urged SMEs and micro entrepreneurs in the state to change their business models, be more creative and innovative, move their businesses online and take advantage of technologies such as digitalisation and automation.
“For example, in the coming Ramadan month, SMEs and petty traders could move their businesses online through various e-bazaar platforms where drivethru, pack and pick, and e-hailing delivery could be arranged.”