Boost issued a press statement saying that it will be prioritising micro-enterprises and SMEs this upcoming Ramadan by offering low-cost financing support to use as working capital for Ramadan sales through ‘Aspirasi Capital for Boost’.
They said that this financing comes at an opportune time with merchants gearing up for Ramadan, which requires investments such as bazaar space rental and raw material or ingredient costs.
Through ‘Aspirasi Capital for Boost’, MSMEs can apply for low-cost micro-financing up to RM20,000 per MSME for an 18-month tenure, interest-free with no repayment for the first six (6) months. When repayment starts on the 7th month onwards, 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 financing disbursed within 48 hours directly into their bank account.
Mohd Khairil Abdullah, CEO of Boost said,
“As the economy reopens, the reality is MSMEs still face financial challenges due to reduced footfall and sales with the implementation of movement restrictions. Many micro-businesses are particularly affected and it’s harder on them because many don’t have access to the traditional financial system. Realising this, last year we moved beyond digital payments into 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 sustain their businesses. With Ramadan being a very busy period for many businesses, micro-financing goes a long way in alleviating overhead and operating costs. We hope that with ‘Aspirasi Capital for Boost’, we can create financial buffers for merchants to re-emerge stronger in time to enjoy a more joyous Hari Raya Aidilfitri this year”,