Maillist

Dear all

CIR M05/09: GOVERNMENT REALLOCATE RM 2BIL TO WORKING CAPITAL GUARANTEE SCHEME (WCGS)

The Government has reallocated RM 2billion to the RM 5billion Working Capital Guarantee Scheme (WCGS) to further assist eligible companies to continue their operations amid the economic slowdown. Government will reallocate RM2bil from the Industry Restructuring Loan Guarantee Scheme (IRLGS)to WCGS

Previously, both schemes, which were established in March as part of the second economic stimulus package, had a fund size of RM5 billion each. With the reallocation, the WCGS fund has been enlarged to RM7bil. Both schemes are administered by Syarikat Jaminan Pembiayaan Perniagaan Bhd (SJPP), a special-purpose vehicle managed by Prokhas, which is wholly owned by Minister of Finance Inc.

According to Prokhas, WCGS might be fully utilized by end of September 2009, much earlier than the target period set for end of next year. As of this month, SJPP also confirmed RM2.35bil has been disbursed to 1,853 applicants by the financial institutions under both schemes.

Due to overwhelming response, we strongly urge all interested parties to enquiries bank for the limited allocation left.

SME Johor Selatan
Secretariat