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Saturday, May 25, 2024

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SME Recapitalization Fund worth RM600 million (US$127.16 million) open to Shariah compliant SME entrepreneurs

MALAYSIA: Shariah compliant SME entrepreneurs can now access the RM600 million (US$127.16 million) SME Recapitalization Fund, which was announced in the 2022 Malaysian budget, a statement confirmed. The fund is part of the Semarak Niaga Program which, among others, aims to ensure the growth of SMEs.

As the implementing agency, SME Bank has allocated RM200 million (US$42.39 million) to the fund. TERAJU and Bank Simpanan Nasional have also allocated RM300 million (US$63.58 million) and RM100 million (US$21.19 million) respectively to the fund.

The Ministry of Entrepreneur and Cooperatives Development (KUSKOP) has also provided RM4 million (US$847,756) to the fund to enable eligible entrepreneurs to participate in the Malaysia Equity Program, which is also a requirement to apply for the fund. KUSKOP is targeting up to 650 companies to benefit from the Malaysia Equity Program.

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