Zero-interest loan application for SMI, SME begins tomorrow


SMALL and medium industry (SMI) players as well as small and medium enterprises (SME) can apply for the Penang Business Continuity Zero-Interest Loan (also known as the Skim Peka PKS), starting tomorrow (April 8).


Chief Minister Chow Kon Yeow said the deadline for the application is April 21.


“The Penang government has allocated RM30 million for the scheme to assist micro-entrepreneurs, SMEs or SMIs that have been impacted by the movement control order (MCO).


“The Penang Development Corporation (PDC) will be managing the scheme. All applications must be done online at


“The schemes are divided into two categories – SMI and SME,” Chow told the public via Facebook Live on his Facebook page today.


Chow said that SMI companies that are in the manufacturing sector could apply for a zero-interest loan of up to RM50,000.


Chow delivering his address.


“As for the SMEs (other sectors), the applicants can apply for a zero-interest loan of up to RM20,000.


“To summarise the scheme, the applicant does not have to repay the loan during the first six months.


“The applicant will only need to start the repayment from the seventh month to the 30th month.


“Rebates will be given to the applicant who can fully settle his loan amount by the 18th month.


“A penalty of 8% interest will be imposed as late payment if the applicant is unable to settle his loan amount within 30 months,” he said.


Chow said that the zero-interest loan would only be given to those who fulfil all the criteria, and it would be on a first-come-first-serve basis.


He added that the Penang government welcomed the announcement of the economic stimulus package for SMEs (Prihatin SME Package) by the Prime Minister.



Story by Christopher Tan
Pix by Alvie Cheng