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SOFT LOAN PACKAGE FOR SME – MIDF LOAN
Short Writeup
The New Entrepreneurs Fund 2(NEF 2) was set up by the Government in April 2001 as an additional allocation of RM250 million to the existing New Entrepreneurs Fund to promote new productive capacity as well as utilisation of existing capacity among Bumiputera entrepreneurs. In March 2003, the allocation for the fund was increased from RM500 million to RM900 million.
ELIGIBILITY EXPENSES
I. Project Financing including pre-operational expenses. Pre-operational expenses include:
Market survey and feasibility study
Professional fees for technical expertise
Office set-up or office expenses prior to production
Staff salary
Advertisement and promotion cost
Factory overhead
Raw material costs for trial production
II. Fixed Asset Financing for the purchase of land and building, plant, machinery and office equipment for:
Project start-up
Existing ventures undergoing expansion, diversification or modernization
Relocation of projects
iii. Working capital for the purchase of raw material, components, inventory plus
labour cost.
INTEREST RATE: 4% p.a.
LOAN SIZE
i. Project Financing – maximum of RM5 million
Pre-operational expenses – maximum of RM250,000
ii Fixed Asset Financing – maximum of RM2.5 million
iii. Working Capital Financing – maximum of RM1 million
iv. Minimum loan – RM50,000
(Refinancing is not allowed)
REPAYMENT INCLUDING GRACE PERIOD
i. Land and Building – maximum 15 years with up to 2 years grace.
ii. IT equipment – maximum 3 years with up to 1 year grace.
iii. Term working capital – maximum 3 years withy up to 6 months grace.
iv. Revolving working capital – maximum 3 years subject to annual review.
v. Others – 5 to 10 years maximum with up to 2 years grace
PERCENTAGE OF FINANCING
i. Acquisition of Fixed Assets – up to 85% of the cost of new assets (up to 90% for Bumiputra)
ii. Working Capital – up to 75% (up to 80% for Bumiputra)
iii. Acquisition of used or reconditioned equipment – up to 60.
SECURITY
i. Debenture on the machinery/equipment financed. Guarantee by the directors and/or shareholder
ii. Charge on the land and building financed.
MODE OF DISBURSEMENT
Direct payment to supplier/contractor/bank or reimbursement or letter of undertaking to bank/supplier or other supporting documentary evidence.
Department & Agencies
Ministry of Finance
Joint us as a member of JUTALINE, you will enjoy the service of a group of our professional consultants in providing you with our professional advise through our web and emails.
Why hassle with the research of the rules and regulations, engage us to conduct on the necessary research just for you.
Join us now!
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