KUALA LUMPUR, March 4 — The government has allocated RM5 billion of the total RM20 billion financing to be guaranteed by Syarikat Jaminan Pembiayaan Perniagaan Bhd (SJPP) for 2024 specifically for Bumiputera companies.

Finance Minister II Datuk Seri Amir Hamzah Azizan said the guarantee allocation will prioritise the new growth sectors under the Madani economy.

In addition, focus will be given on digitalisation efforts by micro, small and medium enterprises (MSMEs), he said.

“Through this approach, Bumiputera companies at various stages of growth will be assured of getting access to financing.

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“SJPP’s guarantees for small and medium-sized bumiputera companies will complement the RM1 billion microcredit fund announced for micro enterpreneurs during the recent Bumiputera Economic Congress as well as the RM1 billion equity fund under government-linked companies for startup and high-growth companies,” he said at the launch of SJPP’s Business Financing Guarantee Scheme and Syarikat Jaminan Kredit Perumahan Bhd’s (SJKP) Housing Credit Guarantee Scheme (under Budget 2024) here today.

To date, SJPP has provided guarantees to more than 100,000 MSMEs with total approved sum of RM75 billion. Last year alone, SJPP has helped more than 19,000 MSMEs with financing value totalling RM18.5 billion.

Meanwhile, Amir Hamzah said that since the government established SJKP in 2008, the company has disbursed housing loan guarantees to more than 43,000 recipients with total financing exceeding RM8.8 billion.

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For 2023, SJKP has benefitted more than 23,000 borrowers with guarantees worth RM6 billion.

“Taking into account current developments with many workers being in the informal sector and becoming gig workers, the Madani government has expanded the Housing Credit Guarantee Scheme with an additional RM10 billion in guarantees for this year; and it will benefit over 40,000 borrowers,” he said.

He also urged financial institutions to be more supportive of these workers and change from using salary slip-based credit assessment so they can also evaluate the creditworthiness of informal sector and gig workers based on income performance.

On non-performing loans (NPL), Amir Hamzah said since its establishment, SJPP has recorded an improvement with NPL percentage dropping from seven per cent to two per cent. — Bernama