The government has approved 4,727 small and medium enterprise (SME) applications valued at RM996.9 million to propel businesses under the PENJANA SME Financing. Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said for the PENJANA Tourism Financing, the government had received 461 SME applications. The financing package offers SMEs a 3.5 per cent financing rate to help them in terms of capital and capital expenditure for the financing the period of up to seven years. “Out of the total applications, 195 applications valued at RM39.8 million had been approved,” he said.
On the TEKUN Business Recovery Scheme (TBRS), he said the government had channelled RM82.61 million, benefitting 12,403 micro SMEs. It has also directed RM184.6 million to 5,181 micro SMEs in the retail and services sectors under the PENJANA Micro Credit Financing under Bank Simpanan Nasional.
Meanwhile, to stimulate the economy, support for the agriculture and food industry was provided through financing as well as revolving capital for farmers, ranchers and fishermen with an allocation of RM400 million, out of which RM350 million has been allocated under the Agrobank Micro Credit Financing. RM41.4 million had been channelled to 4,677 agricultural micro SMEs uder this financing package.
On ensuring the survival of the tourism and hospitality sector, service tax exemption for hotels have been granted for accommodation premise operators between Sept 1, 2020 and June 30, 2021. The value of the tax exemption that had been utilised by the operators of the accommodation premises reached RM727.4 million. The value of export duty exemption successfully utilised by the national industry amounted to RM301.1 million. The government has given up to 100 per cent export duty exemption the commodity sector to help smallholders ease selling of their produce to factories.