2 Financial Reliefs You Can Apply For If You Own A Micro-business in Malaysia

Mikaela Anthonysamy

Mikaela Anthonysamy

Last updated 26 July, 2023

It goes without saying that many businesses have been severely impacted by the ongoing pandemic. There have been some initiatives that are aimed at reducing this impact, such as the wage subsidy programme, hiring incentives, and so on. 

Two programmes for micro-businesses were also introduced last year: The Informal Financing Scheme (SPIN) and the Covid Business Recovery Financing Scheme (CBRM). A second round of these programmes is set to start this week. If you’re a micro-business owner who wants to apply for these financial reliefs, here’s what you need to know.

What are micro-businesses?

Before you apply for these reliefs, you need to ensure that your business is eligible. Micro-businesses are those that have 10 or less employees, and they work using limited capital. This can cover entrepreneurs who have their own food stall, to independent contractors to those who run small businesses online.

If what you have is indeed a microbusinesses, you can go ahead and apply for the financial reliefs. Now, here’s what these reliefs are all about.


Informal Financing Scheme 2.0 (SPIN 2.0)

The first initiative—the Informal Financing Scheme—is also known as SPIN. It applies to business owners who are NOT registered with the Companies Commission of Malaysia/Suruhanjaya Syarikat Malaysia (SSM) or those without a license from a valid Local Authority (PBT).

SPIN was first launched in December 2020. It’s said that from then until now, a total of 3,369 individuals have received funding worth RM19.8 million under the scheme.

SPIN 2.0 will be implemented to be a smoother, better version of the previous one. Under SPIN 2.0, you can get a maximum amount of financing of RM10,000.

There are some criteria you’ll need to fulfill, such as being a Malaysian and being free from bankruptcy. The rest of the criteria and the application forms can be found here

To apply:

Fill up the application form and head over to the nearest TEKUN branch with the required documents. You can find out the list of TEKUN branches nationwide here.


Covid Business Recovery Financing Scheme 2.0 (CBRM 2.0)

CBRM was first introduced last April via the PRIHATIN Package. It is also run by TEKUN Nasional, the same body that handles the SPIN programme. Under CBRM 1.0, TEKUN has channeled help to 26,326 entrepreneurs.

If you apply for and successfully get CBRM 2.0, you can receive financial assistance up to RM20,000.

Take note that unlike for SPIN, this financial relief is for businesses that are registered with the Companies Commission of Malaysia/Suruhanjaya Syarikat Malaysia (SSM) or those with a license from a valid Local Authority (PBT).

More details on this as well as the prerequisites for application can be found here.

To apply:

The application process works a bit differently than SPIN. There are no application forms online for CBRM. To put in an application or to get more information, you’ll need to contact them via the details listed here.

If you’ve been struggling to keep your small business afloat during this time, we hope you’ll be able to get these reliefs and bounce back. On another note, if you’re considering opting in for the moratorium that was announced some time ago, here’s what you need to know before you make a decision:

6 Things To Know About The Moratorium Before You Sign Up For It

Lawyer-turned-writer, Mikaela demonstrates the sharp legal acumen to analyse topics and draw out the most valuable insights.


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