MIDF offers special plan for flood-affected SMEs
Malaysian Industrial Development Finance Bhd (MIDF) is offering a special financing scheme worth up to RM100,000 each under the SME Emergency Fund (SMEEF) for the flood-affected small and medium entreprises (SMEs).
“Through the funds, SMEs will be able to restart business operations and the assistance can be used to purchase new machinery/equipment, raw materials or stocks as well as to refurbish their premises,” MIDF said in a statement yesterday.
The financial assistance is repayable within five years at a margin of financing up to 90 per cent of the costs to be incurred and a low interest rate of three per cent per annum.
The loans, ranging from RM50,000 to RM100,000, will cater to SMEs in the manufacturing and services sectors.
SMEs operating in an area declared as a disaster area by the National Security Council (Malaysa) need to provide evidence of natural disaster via a letter issued by the district office or a copy of police report, in order to be eligible to apply for the emergency assistance.
Applicants must also have a valid premises licence issued by the municipal court.