Small Business Financing (SBF) For Matured
Micro Enterprises to Upscale
KUALA LUMPUR : 21 April 2016 – Matured micro enterprises who want to upscale their operation can now turn it into reality with the launch of SME Bank’s Small Business Financing Program (SBF).
With a fund allocation of RM100 million, it will help entrepreneurs who aspire to move up the value chain and attain the small business category under the SME definition. SBF offers working capital for them to increase product marketability and enhance their business operations. As at 31 March 2016, SME Bank has approved a total of RM3.8 million under this program to eleven (11) eligible micro enterprises.
To be eligible for SBF, an applicant who is categorized as a Micro Enterprise Company must be the business operator and the company is registered under the Companies Commission of Malaysia Act 2002 or Co-operative Act 1993. In addition, the company must have a minimum of 51% Bumiputera equity ownership with good credit records, the business must be in operations for at least 2 years with a profitable account for the recent year and a minimum turnover of RM250,000 in annual sales.
A Shariah compliant product, SBF financing tenure is between five to seven years with a profit rate of 7.5% per annum. The minimum financing for SBF is RM100,000 and the maximum is RM750,000.
YB Dato’ Sri Mustapa Mohamed, Minister of International Trade and Industry launched this new attractive program during the Majlis Perhimpunan Bulanan MITI which was held on 19 April 2016 at the Auditorium of Menara SME Bank and attended by MITI’s ministers and senior officials, Senior Management of SME Bank and other heads of MITI agencies.
Eligible entrepreneurs who are interested to apply for this fund can visit SME Bank’s network of branches located throughout Malaysia or visit our website at www.smebank.com.my.