Money Compass : Selangor Advance helps SMEs affected by COVID-19
SHAH ALAM – The Selangor government introduced the Selangor Advance financing scheme on June 22, with a start-up fund of RM100 million to assist small and medium enterprises (SMEs), especially contractors and service providers in facing the post-COVID-19 economic challenges.
Menteri Besar Datuk Seri Amirudin Shari said the initiative was aimed at helping business owners to have sufficient funds to ensure their business continuity.
Through the initiative, he said the payment for the work done would be expedited to the contractors and service providers.
“Selangor Advance will first be introduced to those providing services to the state government or government-linked companies before it is extended to businesses that are dealing with local authorities.
“A total of RM100 million has been allocated for the financing initiative under the state’s economic stimulus package, the Selangor Cares Package 2.0, which was announced on April 1,” he said in a statement here.
Amirudin said the initiative was formulated based on a syariah-compliant financing concept to help the SMEs increase their cash flow.
“We hope that the initiative would enable businesses to continue to thrive in the current economic landscape,” he said, adding that the registration for Selangor Advance is from July 1.