BALIK PULAU, May 31 — Entrepreneur and Cooperatives Development Minister Steven Sim Chee Keong has encouraged small and medium enterprises (SMEs) to apply for financing.
Under the RM5 billion SME Stabilisation Relief Facility (SME SRF) to help businesses manage current economic challenges.
Speaking during a visit to the Balik Pulau Morning Market with Penang Chief Minister Chow Kon Yeow, Sim said the number of participating financial institutions has increased to 20 banks.
Eligible SMEs can obtain financing of up to RM750,000 at a preferential rate of 3.75 per cent per annum for up to five years.
He added that RM4 billion has already been channelled to more than 150,000 entrepreneurs nationwide this year.
