Frequently Asked Questions (FAQ)
Applications
What are the available Government Guarantee Schemes (“GGS”) under SJPP?
There are six (6) GGS available namely:
- Working Capital Guarantee Scheme (WCGS)
- Working Capital Guarantee Scheme - Start Up (WCGS-SU)
- Working Capital Guarantee Scheme - Bumiputera (WCGS-B)
- Working Capital Guarantee Scheme - Export (WCGS-X)
- Working Capital Guarantee Scheme - Women (WCGS-W)
- Automation & Digital Guarantee Scheme (ADGS)
How does the GGS work?
What is the purpose of the GGS?
Why should SMEs opt for using the GGS?
What is the financing tenure?
How much is the guarantee fee?
How much is the interest rate?
What is the financing limit for all GGS?
What is the guarantee cover for all GGS?
Who can apply for this Scheme?
How do you define SME companies?
How do you define Bumiputera Status Company?
What is considered as a viable business?
Can those SMEs who have enjoyed the previous WCGS and 10MP WCGS Scheme apply again for the GGS?
What is the procedure to apply for financing facilities under the GGS?
What are the participating Financial Institutions for these GGS?
How long does it take for SJPP to issue the guarantee cover?
Will SJPP re-evaluate the financing paper approved by the participating FIs before issuing the guarantee?
Do SMEs need to submit any additional supporting documents to SJPP?
If I already have an existing credit facility e.g. Overdraft, can I use the GGS for this facility?
Can companies which are part of a Group or Conglomerate apply for facilities under the GGS?
Is the Government of Malaysia binded by the guarantee?
Is the 2% rebate and WCGS-X the same thing?
Claims
When can the participating FIs submit a claim on the guarantee? (Claim validity period).
A Notice of Termination has to be issued first to the borrower followed by the Claim Notice. Both Notices must be made within the validity period of the Guarantee.
Where will the claim be submitted to?
Who will pay the claim?
How long does it take for the claim to be paid?
Should the participating FI proceed with legal proceedings and/ or foreclosure proceedings before submitting Claims Notice to SJPP?