Financing Aid For Malaysia SME: Skim Pembiayaan Mudah Jaya (SpiM)
Let us look at Skim Pembiayaan Mudah Jaya (SpiM), a loan financing with different categories helping Bumiputera SMEs with one of the easiest loans in Malaysia.
SME Loan In Malaysia – Skim Pembiayaan Mudah Jaya (SpiM)
Among the loans provided to SMEs in Malaysia is Skim Pembiayaan Mudhajaya (SpiM), a scheme with different categories, helping Bumiputera with different types and aspects of the business. It is an easy funding scheme, meaning that this incentive run by the government has been targeted to reach Bumiputera entrepreneurs fittingly, and the loan will be approved in relatively simpler terms when compared to other schemes. Being a Bumiputera SME owner, this is a program which you should know about and today we talk about it in details.
Skim Pembiayaan Mudah Jaya (SpiM): What is it all about
Skim Pembiayaan Mudah Jaya (SpiM) is a loan incentive put forward by Ministry of Rural & Regional Development (KKLW) and run by MARA which covers different categories of the loan. They are namely Skim Pembiayaan Mudahjaya (SPiM), Skim Pembiayaan Groom Big (SPG), Skim Pembiayaan Kepada Orang Kelainan Upaya (OKU) and Skim Pembiayaan Lepasan Institut Pendidikan MARA (SEMAi). As their name suggests, they are for different startups and the term SPiM is used to denote all of them in general terms. However, all of these programs individually have different rates and financing limit, so let us talk about them.
Skim Pembiayaan Mudahjaya (SPiM)
Under this program, single partnership and Sdn Bhd in Malaysia get a loan funding from RM 2, 50,000 to RM 500,000 with profit rate being set at 4%.
Skim Pembiayaan Groom Big (SPG)
The terms are similar to the SPiM, and under it, single partnership and Sdn Bhd run by Bumiputera will get a loan funding of 2,50,000 to RM 500,000 at a profit rate of 4%.
Skim Pembiayaan Kepada Orang Kelainan Upaya (OKU)
Under it, the financing limit is RM50, 000 and it is an interest-free loan. Differently abled Bumiputera can benefit from this scheme.
Skim Pembiayaan Lepasan Institut Pendidikan MARA (SEMAi)
Under this category, the maximum financing is RM50, 000 with a profit rate of 4%.
The finances can be used in the following areas:
- Purchasing Gied Assets (Equipment or Tools).
- Business Premises Renovation
- Round Capital
- Purchasing Food truck, Caravan or Containers
Financing tenure in all categories of SKiM depends on the amount of loan taken.
- Up to RM 10,000: 1 to 3 years.
- RM10, 001 to RM50, 000: 1 to 5 years
- Above RM 50,000: 1 to 10 years
Also, depending on the flow of cash projections and other factors, a grace period of up to a year might be considered,
Here are the requirements for the Skim Pembiayaan Mudah Jaya (SpiM).
- The applicant must be a Bumiputera and have Malaysian citizenship.
- The individual should be aged between 18 to 60 years old.
- The persona should be experienced and knowledgeable in the field of business.
- Every license and permit needed to carry out the business, including the premises license.
- Able to contribute to at least 10% of the project.
- Dedicated to the business full-time.
- The business can’t be illegal or contrary to Islamic Shariah.
- Should be able to guarantee the fixed monthly income is at least 3% of the applied fund or the forced sale value is 10% of the loan application.
- Also, in the case of Sdn Bhd, assurance of all the member of the Board of Directors is needed.
If you need more information guide and a professional consultant to assist you, you can read more about this guide to start business in Malaysia.
To apply for the scheme, you will have to make sure that you meet all the requirements set. After that, you will need to collect all the documents and certifications, including business profile, incorporation certificate and other papers and head to the nearest MARA branch office. There, you will need to fill the application form, and an interview will be scheduled. You will get the funds after your application is approved.
Well, this was it for Skim Pembiayaan Mudah Jaya (SpiM). I hope this article will help you.