The SME Co-Financing Scheme (SCFS) has received 13 applications with a total loan approval value of $2.338 million.
Economy Ministry approves the extension loan tenures to seven years.
The new $100 million SME Co-Financing Scheme has yet to approve any applications.
SME Bank has been confirmed to bring forward their opening date to earlier this year.
Objective is to assist small and medium enterprises to flourish
SME Bank is set to operate officially in March after its budget was approved.
The government has budgeted $100 million to fund the SME Bank, PM says.
The SME Bank, a government initiative to enhance access to funding for local SMEs, will come online late this year.
PM says the government-backed SME Bank will finance agroprocessing firms.