RM517 million in soft loans for SME automation still available

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Small and medium enterprises (SMEs) should capitalise on the RM517 million funding still available from Malaysian Industrial Development Finance Bhd’s (MIDF) Soft Loan Scheme for Automation and Modernisation (SLSAM).

Group managing director Datuk Charon Wardini Mokhzani said since 2007, MIDF had approved RM2.2 billion in loans under SLSAM for 350 local SMEs.

He said SLSAM, which is the biggest in terms of fund size among six schemes managed by MIDF, is aimed at helping local manufacturers adopt automation in their production process and supporting their journey towards the fourth industrial revolution (Industry 4.0).

Charon Wardini was speaking to reporters after the signing of a memorandum of understanding (MoU) between MIDF and Malaysian Technology Development Corporation (MTDC) to promote Industry 4.0 and funding facilities for local SMEs through various financial assistance packages.

He said the partnership signified MIDF’s efforts and commitment to the companies within MTDC’s ecosystem to increase their capabilities by upgrading and upscaling their services, or manufacturing infrastructure and facilities, to accelerate greater productivity growth. – BERNAMA

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