GEORGE TOWN, April 7 — Penang micro businesses and small and medium enterprises (SME) may apply for the Penang Business Continuity Zero Interest Loan from tomorrow, Penang Chief Minister Chow Kon Yeow announced today.
The Penang lawmaker said the scheme is open for applications from April 8 to 21.
“The state government has allocated RM30 million for this scheme and the Penang Development Corporation will be managing the scheme,” he said in his daily message on Facebook.
He said all applications can be made online through pdc.gov.my.
He said the scheme is for two categories: small and medium industries (SMI) and SMEs.
“For SMIs in the manufacturing sector, they can apply for loans of up to RM50,000,” he said.
As for SMEs in other sectors, they can apply for loans of up to RM20,000 each.
Chow reiterated that the loan is zero-interest and needs to be paid back in accordance with guidelines available on PDC’s website.
All successful applicants need not service the loan in the first six months and can start repayments from the seventh month onwards until the 30th month.
“As incentive, rebates will be given to those who successfully pay up the loans within 18 months or earlier,” he said.
He said if the applicants are unable to repay the loans in full by the 30th month, a late penalty of 8 per cent will be charged.
Chow said only applicants that meet all requirements will be eligible to apply for the loan and it is available on a first-come-first-served basis.
More information on the scheme is available at pdc.gov.my.