The Malaysian Industrial Development Finance (MIDF) has introduced a new financing scheme to encourage more companies to adopt technologies. The new scheme, called theSoft Financing Scheme for Digital and Technology (SFDT) is carried out through its Development Finance Division (DFD).
The SFDT, channelled through the Ministry of International Trade and Industry (MITI), is offered to all sectors with the aim of increasing the marketability of local small and medium enterprise’s (SME) products into national and global markets, as well as encouraging local SMEs to adopt digitisation and e-commerce. The scheme offers financing of up to RM1 million or up to 90 per cent of total costs of eligible items, including legal fees related to the financing, as well as an interest rate as low as four per cent.
“SMEs are a crucial part of the Malaysian economy. Rapid adoption of technology would certainly assist SMEs to drive better efficiency and boost their growth through lower operational cost and enriched supply chain, as well as enhanced market reach,” MIDF DFD head Azizi Mustafa said.
Those interested can contact MIDF’s Business Advisory Unit via its hotline 1-300-88-6433 or email: GrowYourBusiness@midf.com.my or walk-in to any of MIDF offices. The Business Advisory Unit is a one-stop advisory centre for SMEs to obtain advice and guidance on financing facilities and incentives provided by MIDF.