MIDF launches Jumpstart Financing to help companies get back on their feet.

Malaysian Industrial Development Finance Berhad (MIDF) launched Jumpstart Financing today, the latest offering in its array of financing assistance to help restart and support the continuity of businesses that have been affected by the COVID-19 pandemic. Jumpstart Financing is funded by the Ministry of International Trade & Industry (MITI) and managed by MIDF.

Under Jumpstart Financing, which is available for SMEs and non-SMEs involved in the services sector, MIDF offers financing amounts of up to RM500,000 for the financing of working capital. The facility offers financing tenure of up to 6 years including 6 months payment holiday and financing rates from as low as 2% for successful applicants.

To be eligible for this facility, companies must be registered with SSM or relevant Professional Regulatory Bodies, must possess a valid business license issued by a local authority, and have at least 60% equity held by Malaysians. Head of Development Finance Division, MIDF, Azizi Mustafa said, “Acknowledging that the economy is just reopening and picking up, some businesses may need working capital to relaunch their businesses after having to close them and spending their reserves to remain afloat during the 2-year pandemic. The services industry was among the worst affected industries and hopefully this facility would help to accelerate their business recovery."