MALAYSIAN Industrial Development Finance Bhd (MIDF) has launched Jumpstart Financing, 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 International Trade and Industry Ministry and managed by MIDF.

       Under Jumpstart Financing, which is available for small and medium enterprises (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 six years.

       This includes six months payment holiday and financing rates from as low as 2% for successful applicants, MIDF said in a statement.

       To be eligible for this facility, companies must be registered with the Companies Commission of Malaysia or relevant professional regulatory bodies, and must possess a valid business licence issued by a local authority, and have at least 60% equity held by Malaysians.

       MIDF’s head of development finance division Azizi Mustafa says, “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 two-year pandemic.

       “The services industry was among the worst affected industries, and hopefully, this facility will help to accelerate their business recovery.”