KUALA LUMPUR – Bank Negara Malaysia announced that an additional allocation of RM700 million has been provided for the SME Automation and Digitalisation Facility (ADF), bringing the facility’s total size to RM1 billion.
The ADF, which was established in March 2020, aims to encourage SMEs across sectors to automate processes and digitalise operations to increase productivity and efficiency.
The ADF is open to all Malaysian SMEs, with a maximum financing amount of up to RM3 million per SME and a financing tenure of up to 10 years. The financing rate is up to 4% per annum, inclusive of the guarantee fee. Guarantee coverage is provided by Syarikat Jaminan Pembiayaan Perniagaan (SJPP).
The facility will be available until 31 December 2021 or full utilisation, whichever is earlier.