Malaysia’s high-tech SMEs to benefit from central bank’s RM$1 billion facility
Malaysia’s central bank is set to establish a RM1 billion (US$ 246 million) facility to provide additional assistance to high-tech and innovation-driven SMEs affected by the pandemic.
Eligible SMEs under the programme can obtain financing of up to RM1 million (US$246,245) for working capital, up to RM5 million (US$1.23 million) for capital expenditure (capex), or a combination of funding for working capital and capex of up to RM5 million (US$1.23 million), for up to seven years.
Called the High Tech Facility-National Investment Aspirations (HTF-NIA), it was first announced by the government under its Budget 2021 earlier in November.
SMEs eligible for the facility include those in advanced manufacturing; electric and electronic; aerospace; pharmaceuticals; ICT; and research and development-driven firms supporting the development of emerging technologies.
SMEs that are project participants in key government programmes encompassing research, development and innovation for critical technologies identified under the country’s national blueprint would also be eligible. These include projects which include IR4.0-related technologies, green technology and biotechnology.
Businesses can apply to participating financial institutions, which comprise commercial banks, Islamic banks and development financial institutions regulated by the central bank.