Professional Financing Scheme (ProSPEC)
Objectives
- To provide business financing facilities under the Professional Entrepreneur Development Programme (ProSPEC)
- To increase the participation of Bumiputera entrepreneurs in the field of professional entrepreneurship
Terms and Conditions
Basic Terms
- Malaysian citizen and Bumiputera
- Aged between 18-60 years
- Have a valid business registration (SSM)
- Operate in a business premise
- Have a license / permit / letter of authorization from the local authority (PBT)
- 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
- Professionals who are recognized and registered as members of any relevant professional body
- Have work experience in related professional fields within specific periods and criteria through entrepreneur development programmes set by MARA
- Fullfill specific requirements through the relevant entrepreneurship development programme conducted by MARA
Scope of Financing
- Revolving capital
- Purchase of machinery and equipment
- Renovation of business premises
Financing Limit
- Sole Proprietorship / Partnership: RM250,000.00
- Private Limited (Sdn. Bhd): RM500,000.00
Financing Period
1-10 years @ 12-120 months
Guarantee / Collateral
- 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
- Fixed Deposits
Islamic fixed deposit (General Investment Account) based on 10% of the financing value
- Financing for private limited (Sdn. Bhd.) companies requires guarantee/ assurance of all the Board Members
Profit Rate
4%
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Last update: 31 March 2023 at 12:26:37
