Mudah Jaya Financing Scheme (SPiM) to Aid Struggling Bumiputera IPTS affected by Pandemic

PUTRAJAYA – In his statement made on October 28, Rural Development Minister Datuk Dr Abd Latiff Ahmad announced that the cabinet has agreed to implement the Mudah Jaya Financing Scheme (SPiM) through the National Economic Recovery Plan (Penjana).

The objective of such a decision was to lessen the burden and ensure continuity of Bumiputera private institutions of higher learning (IPTS), especially those who are affected by the COVID-19 pandemic.

The decision, according to Datuk Dr Abd Latiff Ahmas, was made during the Cabinet meeting on Oct 21. He went on to explain that Majlis Amanah Rakyat (Mara), the implementing agency, was allocated RM300 million – RM150 million was for 2020 and another RM150 million for 2021.

“The SPiM scheme will be fully implemented by a subsidiary of MARA with financing not exceeding RM50 million.”

Bumiputera IPTS registered under the Private Higher Education Institutions Act 1996 (Act 555) are eligible to apply, although “the assessment of financing limits is subject to requirement and the repayment ability of applicants”.

Applications can be made online at www.pmbtijari.com.my/spimpenjana