KUALA LUMPUR – Bank Simpanan Nasional (BSN) is now accepting applications for their Micro/i-SemarakNiaga Financing Scheme targeting the micro, small and medium enterprises (MSMEs) in Malaysia.
The scheme, tabled under the Ministry of Finance’s Budget 2022, has an allocation of RM800 million and is a initiative to assist local MSMEs that are struggling from the impacts of COVID-19.
In a recent statement, BSN explained that the application can be made online through the Bank’s website or offline, through visiting the nearest BSN branches or micro-financing centres.
The Micro/i-SemarakNiaga Financing Scheme is a continuation of a previous programme facilitated by BSN which saw more than 50,000 applicants receiving RM1.4 billion in financing.
This scheme allows for up to RM75,000 in financing with a profit rate of 4% per annum (flat rate) over the tenure of up to 5.5 years. The payment tenure includes a monthly installment moratorium for the first six months.
BSN elaborated that the scheme has seven different options namely the BSN Micro/i Semarak Mula, BSN Micro/i Semarak PEDi, BSN Micro/i Semarak Tani, BSN Micro/i Semarak Sukan, BSN Micro/i Semarak Nita, BSN Micro/i Semarak Belia, and BSN Micro/i Semarak.
In order to be eligible to apply for the working capital or business asset purchase financing, each of the businesses must be in operation for at least six months. However, for the BSN Micro/i Semarak Mula scheme, the businesses are only required to be in operation for a minimum of three months.
This BSN Micro/i SemarakNiaga Financing Scheme is designed to offer continuous assistance particularly to the MSMEs recovering from the effects of COVID-19. It is part of the government’s Semarak Niaga Keluarga Malaysia Programme officially launched in February of this year.
The government announced a RM40 billion allocation for this programme targeted to the SMEs and MSMEs to act as a catalyst that would “increase contributions of SMEs to the country’s GPD to 45%” by 2025.
Visit BSN’s website here to learn more about their financing schemes or call their Customer Contact Centre at 1300-88-1900
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