What can I do with this business loan?
With the MIDF Soft Financing Scheme for Automation and Modernisation (SFSAM), you can upgrade your technology with automation and modernised processes. This allows you to prepare your manufacturing company for the ever-growing artificial intelligence used within the industry.
What are the interest rates and tenures?
For SMEs, you can enjoy a flat interest rate of 4% per annum on monthly rest. Meanwhile, non-SMEs get a 5% flat interest rate per annum on monthly rest.
The tenures depend on the items you would like financial assistance on. For example,
- Commercial property: up to 25 years
- Machinery and equipment: up to 10 years
- IT hardware and software: up to 10 years
- Commercial vehicles: up to 10 years
- Working capital: up to 7 years
- Export enhancement: up to 7 years
Am I eligible for the MIDF Soft Financing Scheme for Automation and Modernisation (SFSAM)?
Your manufacturing company must meet the following criteria to qualify for the MIDF Soft Financing Scheme for Automation and Modernisation (SFSAM).
- Registered with SSM
- Annual sales or turnover of more than RM200,000
- At least 51% of equity held by Malaysians
- In operation for at least 2 years
- For start-up companies in operation for at least 6 months with director/shareholder/key management having 5 years experience in similar industry or relevant field
- Manufacturing and Manufacturing Related Services (MRS) sectors
What documents should I prepare to make an application?
Please prepare the following documents to apply for the MIDF Soft Financing Scheme for Automation and Modernisation (SFSAM).
- Valid business license
- CTC company form
- CTC IC copy for all directors/ shareholders (front and back)
- 6 months' bank statement
- Latest annual return
- Latest 3 years' audited financial statement
- Draft/latest management account
Note that MIDF may request additional supporting documents for credit assessment, if applicable.
