JanaNiaga has allocated funding of around RM1.2 billion for the national supply chain digital payment platform.
The program will also receive additional allocations from financial institutions that will participate in phases.
To ensure assistance to small and medium enterprises (SMEs) can be provided immediately, the Minister of Finance, Tengku Datuk Seri Zafrul Abdul Aziz provided an allocation of RM300 million managed by the Export-Import Bank of Malaysia Bnd (EXIM Bank) for the success of the JanaNiaga program.
He also added that EXIM Bank and the involvement of several financial institutions in Malaysia will benefit SMEs experiencing cash flow problems due to long invoice payment periods.
In addition, it also aims to make it easier for them to obtain loans and through the support of GLCs, SME providers will enjoy financing rates as low as 3.5% per annum for a financing margin of 100%.
If we look at the average invoice period of 90 days, the total allocation of RM1.2 billion will contribute RM4.8 billion a year to SME cash liquidity, he said.
Tengku Zafrul said that funding applications are also made online and each application will be approved within 24 hours.
The JanaNiaga platform announced in Budget 2021 is a funding assistance in assisting the financial position of SMEs that make supplies to the government or GLCs.
He also said that at this early stage, JanaNiaga would be implemented with Petronas and Telekom Malaysia.
