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Government Financial Assistance Programmes By Malaysian Industrial Development Finance (MIDF)

On 20 June 2011, Encik Fadzlan Abu Bakar, Head, Marketing, Development Finance Division, Malaysian Industrial Development Finance (MIDF) informed SMA the availability of the Government Financial Assistance Programmes managed by MIDF.

The 2 Soft Loan Schemes under MIDF Government Financial Assistance Programmes are
Soft Loan Scheme for Small & Medium Enterprises (SLSME) and Soft Loan Scheme for Automation and Modernisation (SLSAM). The Schemes are specifically designed to meeting the financing requirements of companies and enterprises to reduce the borrowing cost:

(1) SOFT LOAN SCHEME FOR SMALL & MEDIUM ENTERPRISES (SLSME)

The SLSME was launched in December 2001 to promote the development of small and medium enterprises in Malaysia. This Scheme assists existing as well as newly start-up enterprises in fixed assets, IT software/hardware and working capital financing.

The fund for this Scheme is channelled by the Government of Malaysia via SME Corporation Malaysia to MIDF for the implementation of the Scheme.

1. Eligibility:
• SMEs incorporated under the Companies Act 1965 or Registration of Business Ordinance 1956;
• At least 60% equity held by Malaysians;
• Possesses a valid premises licence ;
• SMEs with shareholdings not exceeding 20% held by public-listed companies

2. Sectors:
• Manufacturing;
• Manufacturing-related services;
• Services (excluding insurance and financial services).

3. Financing Amount:
• Minimum: RM50,000;
• Maximum: RM3 million.

4. Items Eligible For Financing:
• Fixed assets such as industrial or commercial land , factory building, business premises, plant, machinery and equipment;

• Working capital.

5. Percentage Financing:
• Fixed Assets
- Up to 90% of the cost of new assets;
- Up to 65% for used / reconditioned machinery/equipment which are not
more than 5 years old.

• Working Capital
- Up to 100% for Purchase Revolving Credit;
- Up to 90% for Sales Revolving Credit.

6. Repayment:
• Land & building – up to 15 years including grace period of up to 2 years;
• Machinery & equipment – up to 6 years including grace period of up to 1 year;
• IT equipment – up to 4 years including grace period of up to 1 year.
• Revelving Working Capital – subject to annual review.

7. Interest Rate:
• 4% per annum on yearly rest.


(2) SOFT LOAN SCHEME FOR AUTOMATION AND MODERNISATION (SLSAM)

The SLSAM was launched in February 2007 to:

(i) Encourage industries to modernise and automate their manufacturing processes;

(ii) Upgrade production capability and capacity;

(iii) Assist companies in minimising dependence on labour-intensive activities and foreign labour; diversifying into higher value-added activities; and rationalising and streamlining their operations through mergers and acquisitions.

The fund for this Scheme is channelled by the Government of Malaysia via the Ministry of International Trade and Industry (MITI) to MIDF for the implementation of the Scheme.

1. Eligibility:
Companies incorporated under the Companies Act 1965:
• At least 60% equity held by Malaysians;
• Possesses a valid business licence; and,
• In operation for at least 2 years.

2. Sectors:
• Manufacturing Sector.

3. Financing Amount:
• Minimum: RM100,000;
• Maximum: RM5 million per application.

4. Items Eligible For Financing:
Financin for Automation *

• Purchase of new or reconditioned automation-related machinery and equipment;

• Costs related to the installation, commissioning and related training as well as maintenance of the machinery and equipment for investment in automation;

• Purchase of software and computer peripherals related to the development of the automation system.

* The age of reconditioned machinery and equipment shall not be more than 5 years
old. The above activities must result in a reduced number of foreign workers.

5. Percentage Financing:
• Up to 85% for new machinery and equipment;
• Up to 60% for reconditioned machinery and equipment.

6. Repayment:
• 5 to 7 years including grace period of up to 1 year.

7. Interest Rate:
• 4% per annum on yearly rest (SMEs);
• 5% per annum on yearly rest. (Non-SMEs).

For further information, please contact:

Malaysian Industrial Development Finance Berhad
Level 15, Menara MIDF
82, Jalan Raja Chulan
50200 Kuala Lumpur
Tel: 03-21738888
Fax: 03-27721911
www.midf.com.my

Malaysian Industrial Development Finance Berhad, Sarawak Branch
Rooms 401-402, 4th Floor, Bangunan Bank Negara
Jalan Satok, 93400 Kuching
P.O. Box 972
93720 Kuching, Sarawak
Tel: 082-254533, 254203
Fax: 082-246343
E-mail: sarawak@midf.com.my

Posted Date: 2 Mar 2012

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