Boost offers low cost financial support to MSMEs this Ramadan
Boost issued a press release saying it will prioritize micro-businesses and SMEs this coming Ramadan by offering low-cost financial support to be used as working capital for Ramadan sales through “Aspirasi Capital for Boost” .
They said this funding comes at an opportune time, as traders prepare for Ramadan, which requires investments such as the rental of bazaar spaces and the cost of raw materials or ingredients.
Through “Aspirasi Capital for Boost”, MSMEs can apply for low cost micro-finance up to RM20,000 per MSME for a period of 18 months, with no interest and no repayment for the first six (6) months. When repayment starts from the 7th month, MSMEs are subject to an interest rate of 0.5% monthly.
The application can be completed digitally and if eligible, merchants will receive approval with funding paid within 48 hours directly to their bank account.
Mohd Khairil Abdullah, CEO of Boost, said:
“As the economy reopens, the reality is that MSMEs still face financial challenges due to reduced footfall and sales with the implementation of movement restrictions. Many micro-enterprises are particularly affected and it is harder for them because many do not have access to the traditional financial system. Realizing this, last year we moved from digital payments to digital financial services and “Aspirasi Capital for Boost” is part of our new solutions for merchants. “
“Through these new offerings, we hope to help underserved MSMEs with increased access to affordable and immediate financial assistance that will help support their businesses. As Ramadan is a busy time for many businesses, micro-finance goes a long way in reducing overhead and operating costs. We hope that with ‘Aspirasi Capital for Boost’ we can create financial buffers for traders to reappear stronger in time to enjoy a happier Hari Raya Aidilfitri this year ”,
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