Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz speaks during the launch of the ‘Semarak Niaga Keluarga Malaysia’ initiative in Kuala Lumpur February 21, 2022. – Malay Mail photo
KUALA LUMPUR (Feb 21): The RM40 billion Semarak Niaga Keluarga Malaysia (SemarakNiaga) initiative, which was launched today, to help the business sector bounce back is a testament to the Ministry of Finance’s (MoF) response in ensuring the economy remains resilient in the medium and long term.
“The MoF has always been sensitive and responsive to ensure that the country is on track for a strong economic recovery, and remains focused on fiscal accountability and the implementation of strategic structural reforms to ascertain that the Malaysian economy remains resilient,” it said in a statement today.
The MoF said SemarakNiaga provides the largest allocation for micro, small and medium enterprises (MSMEs) compared to previous years, namely RM1.8 billion for Micro Credit Loans, as well as facilities and innovative solutions introduced for the first time in Budget 2022, namely Equity/Alternative Financing of RM2.2 billion.
“SemarakNiaga also allocates SME Soft loans with a total fund of RM14.2 billion and a Financing Guarantee worth RM22.0 billion, including RM2.0 billion, specifically for Bumiputera companies,” the ministry said.
This micro credit loan facility can be applied through TEKUN, Bank Simpanan Nasional, Bank Rakyat, Agrobank, and commercial banks, while for SME Soft Loan, it can be applied through local commercial banks, Agrobank, Bank Pembangunan Malaysia Bhd (BPMB), Permodalan Usahawan Nasional Bhd, SME Bank, and Malaysian Industrial Development Finance Bhd (MIDF).
“For innovative facilities and solutions, applications can be made through equity and quasi-equity investments through SME Bank in collaboration with TERAJU and Bank Simpanan Nasional, as well as BPMB and local commercial banks,” the MoF said.
Besides, RM80 million is also allocated for equity crowdfunding and peer-to-peer financing through matching grants through the Malaysia Co-Investment Fund.
“For financing guarantee, applications can be made to Syarikat Jaminan Pembiayaan Perniagaan Bhd,” it added.
The MoF also called on MSMEs, as well as public listed companies, to seize various opportunities and benefits provided by the government.
The SemarakNiaga initiative and job creation are the two main pillars of Budget 2022 towards economic recovery, which will contribute to gross domestic product growth of between 5.5 per cent and 6.5 per cent in 2022. – Bernama