Express Contract Financing Scheme (SPiKE)/SPiKE GLC
Objectives
- Provide short-term financing facilities to Bumiputera contractors in construction, supply, service and electricity contracts
Terms and Conditions
Basic Terms
- Malaysian citizen and Bumiputera
- Aged 18 years and above
- Have gained enough experience / knowledge in the ventured business
- Operate a full-time business
- Engaged in a syariah compliance business
- Not a MARA blacklisted individual
- Able to contribute own capital of not less than 10% of the project cost
Specific Terms
- Supply or service contractors must be registered with the Ministry of Finance (Exemption for project/job offers worth RM50,000.00 and below)
- Construction contractors must be registered with the Contractor and Entrepreneur Development Division (BPKU) and the Malaysian Construction Industry Development Board (CIDB)
- Construction contractors must be in G1, G2, G3, G4 and G5 categories or previously known as Class F, E, D and C
- Contract awarders
- Government agencies
- Government linked companies (GLC)
- Public listed companies
- The contract awarder and applicant should agree to sign the Deed of Assignment Letter and Letter of Consent for payment to be made to MARA
Scope of Financing
- Working capital
Financing Limit
RM1,000,000.00
Subject to:
Projects with no progress payment
- Maximum 75% of contract value or according to MARA current policy
Projects with progress payment
- Maximum 80% of contract value for the first 3 months
Financing Period
Based on the contract deadline
Guarantee / Collateral
- Exempted for financing of RM250,000.00 and below
- For Financing of RM250,001.00 to RM1,000,000.00:
- Guarantee
One or more guarantors with a monthly fixed income of not less than 3% of the total financing applied
Or
- Collateral
Land collateral with Forced Sale Value of at least 10% of the financing applied
Or
- A combination of both
Or
- Simpanan Tetap
Simpanan Tetap berkonsep Islam (General Investment Account) yang berdasarkan 10% dari nilai pembiayaan
- Financing to private limited (Sdn. Bhd.) company requires guarantee/ assurance of all the Board Members
Profit Rate
6%
Majlis Amanah Rakyat (MARA)
21, Jalan MARA
50609 Kuala Lumpur
MARA Hotline : 03-26132000
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