SME Strengthening Financing Designed As A Result Of The SME Corp & MIDF Collaboration

 SME Corporation Malaysia (SME Corp) has now partnered with Malaysian Industrial Development Finance Bhd (MIDF) to offer a new financing facility, namely SME Consolidation Financing (SMERF).

Through the statement issued, the partnership is to support small and medium enterprises (SMEs) affected by the pandemic as well as marginalized sectors.

This financing scheme is established to ensure that the business sustainability goals of SMEs are achieved and in time assist them in managing cash flow better.

It is also designed to facilitate SMEs to be resilient and resilient through increased product market capabilities and business sustainability as well as the adoption of technology.

According to SME Corp and MIDF, the scheme offers financing of RM250,000 or up to 90% of the total eligible costs with an interest rate as low as 3%.

SME Corp chief executive officer Rizal Nainy said the financing would reduce the cash flow constraints faced by viable SMEs in strengthening and achieving business goals.

Meanwhile, MIDF's Head of Development Finance Division, Azizi Mustafa said his party would fully support the initiative by channeling assistance to those affected.

SMERF applications are open to SMEs starting July 26, 2021.

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