Boost Offers Low Cost Financing Support for MSMEs this Ramadan
Boost offers financing support to help MSMEs with working capital to cover overhead and operating costs as they prepare for Ramadan sales
Kuala Lumpur, 7 April 2021 – Boost is prioritizing micro-enterprises and SMEs (MSMEs) this upcoming Ramadan by offering low-cost financing support to use as working capital for Ramadan sales through ‘Aspirasi Capital for Boost’. The provision of this financing facility is in line with the Government’s recently announced effort to reinvigorate local businesses following the reopening of the economy.
This financing support comes at an opportune time with merchants gearing up for Ramadan which requires investments such as bazaar space rental and raw material or ingredient costs. MSMEs can also use it to digitalise their businesses with contactless payment methods or boost social media marketing to meet the digital shift in consumer demands.
Through ‘Aspirasi Capital for Boost’, MSMEs can benefit from low cost micro-financing up to RM20,000 per MSME for an 18-month tenure, interest-free with no repayment for the first six (6) months. When repayment starts on the 7th month onwards, MSMEs can enjoy a low interest rate of only 0.5% monthly.
The application can be easily done through a simple 3-minute online application process using a smartphone. If eligible, merchants will receive approval with financing disbursed within 48 hours directly into their bank account. In addition to micro-financing, merchants can benefit from SME OwnerProtect, a micro-insurance plan to help protect MSMEs from income disruptions.
Mohd Khairil Abdullah, CEO of Boost said, “As the economy reopens, the reality is MSMEs still face financial challenges due to reduced footfall and sales with the implementation of movement restrictions. Many micro-businesses are particularly affected and it’s harder on them because many don’t have access to the traditional financial system. Realising this, last year we moved beyond digital payments into digital financial services and ‘Aspirasi Capital for Boost’ is part of our new solutions for merchants.”
“Through these new offerings, we hope to help underserved MSMEs with increased access to affordable and immediate financial assistance that will help sustain their businesses. With Ramadan being a very busy period for many businesses, micro-financing goes a long way in alleviating overhead and operating costs. We hope that with ‘Aspirasi Capital for Boost’, we can create financial buffers for merchants to re-emerge stronger in time to enjoy a more joyous Hari Raya Aidilfitri this year”, added Khairil.
Business Tools and Rewards for Merchants
On top of micro-financing, Boost is building a robust digital ecosystem for MSMEs with an array of innovative solutions, benefits and rewards to digitally and financially empower them through its omnichannel e-wallet platform. These initiatives had started at the beginning of the pandemic and are aligned to the Government’s recent announcement of Malaysia’s Digital Economy Blueprint (MyDigital). In which, the emphasis was to uplift MSME adoption and expansion to the country’s digital economy as one of the National Program’s focus area.
As a Boost merchant, MSMEs can benefit from simple and innovative solutions including the ‘Boost Business Payment Link’ feature. It is a unique contactless payment solution that allows merchants to easily send their customers a URL payment link via any messaging app. This enables merchants to take their businesses online conveniently and accept payments anytime, anywhere. This feature also helps merchants receive payments upfront for pick-up or delivery orders.
Boost is also part of the SME Digitalization Grant in partnership with Celcom. This grant is dedicated to help businesses digitize and shift offline-to-online. Merchants can claim 50% or up to RM5,000 when they take up any of Boost’s six SME Digitalization packages. These digital business starter kits include an exclusive partner wallet campaign to drive sales for the merchants. It also includes digital marketing to give the merchant’s business more visibility and increase traffic to their stores. With these digital business starter kits, it allows merchants to expand their business online, the simpler and hassle-free way. The grant is open for application until end of June 2021. Merchants who are keen to find out more can visit https://www.myboost.com.my/business/campaigns/sme-digitalization-grant
Additionally, Boost has a merchant incentive campaign ‘Boost Jer Kaw-Kaw & Menang’ on-going until 2 May 2021 to further reward merchants going cashless. Prizes include a grand prize of a Proton X50 Executive, premium Samsung and Apple gadgets as well as consolation prizes of RM888 for 30 merchants weekly. For every RM10 a user spends via the Boost Business Payment Link or by scanning physical Boost QR codes in-stores, the merchant will earn one (1) entry to stand a chance to win the prizes. The higher the transaction amount, the more entries the merchant will receive.
MSMEs can apply for the ‘Aspirasi Capital for Boost’ via https://aspirasi.co/pasar/capital-boost. Alternatively, business owners can contact their assigned Boost representative. This financing facility is provided under Axiata Group’s ‘Aspirasi Assist’ COVID-19 Assistance Program launched in March last year.
MSMEs interested to apply to be a Boost merchant can do so by filling up an online form in two ways
1. Tap on ‘Sign Up as A Boost Merchant’ on the Profile page of the Boost App
2. Visit the Boost Business website at https://www.myboost.com.my/business/