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In Budget 2022, the government allocated a total of RM6.5 billion to the All-Economic Sector Facility (AES). This brings some of us to the following questions, what is AES and how does it work?
All-Economic Sector Facility (AES) is a part of the SME Soft Loan Funds initiative facilitated by the Central Bank of Malaysia (BNM). Its objective is to enhance financing for SMEs in all economic sectors, to support growth.
The purposes of AES include financing:
However, AES is not for refinancing existing financing facilities, purchase of shares, property development, gambling, and activities of such.
The maximum financing amount of AES is RM5 million per eligible company.
The financing rate offered is up to 7% per annum and is inclusive of any guarantee fees until 30 June 2022.
The tenure offered is up to 5 years from the date of first drawdown from BNM.
The eligibility criteria are Malaysian SMEs that fulfil the following requirements:
Additionally, the definition of SME must adhere to the definition approved by the National Entrepreneur and SME Development Council (NESDC).
Eligible SMEs are required to submit their applications directly to participating financial institutions (PFIs). The approval of applications will be subjected to the credit assessment of the PFIs.
The availability period to apply for AES is until 30 June 2022 or full utilisation of the fund (whichever earlier).
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