THE government has allocated another RM2 billion for the Working Capital Guarantee Scheme (WCGS), to meet the overwhelming response from the public.
The scheme is administered by SME Bank, an agency under the Ministry of International Trade and Industry (Miti).
In a statement, Miti said the allocation was done through relocation of funds from the Industry Restructuring Loan Guarantee Scheme (IRLGS).
As of September 16, approvals given under the WCGS and the IRLGS by SME Bank are RM130 million, involving 51 applicants, and RM63.376 million, involving 11 applicants, respectively.
International Trade and Industry Minister Datuk Mustapa Mohamed, who was pleased with this development, urged the small- and medium-scale enterprises (SMEs) to make use of the facility provided by the government to enhance their products and business operations.
SMEs interested in applying for financing under the scheme can contact SME Bank branches for further details.
Under the second stimulus package, the government allocated RM10billion for the guarantee schemes to encourage bank lending, particularly for SMEs.
They included the WCGS, which is to enable Malaysian companies from all economic sectors to obtain loans ranging from RM50,000 to RM10 million for their working capital, with a guarantee from the government of up to 80 per cent of the loan.
The facility is made available to companies with equity holding of less than RM20 million. - Bernama
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