By KINIBIZ
Bank Negara Malaysia (BNM) is allocating RM500 million in a special relief facility to assist businesses that have been affected by the recent floods, according to a statement by BNM.
“Under this facility, the affected businesses could obtain financing at a concessionary rate from any commercial bank, Islamic bank, Small Medium Enterprise Development Bank Bhd (SME Bank), Bank Kerjasama Rakyat Malaysia Bhd (Bank Rakyat), Bank Simpanan Nasional (BSN) and Bank Pertanian Malaysia Bhd (Agrobank),” said BNM.
BNM will provide 60% guarantee to the financing obtained through Credit Guarantee Corporation Berhad (CGC). No additional collateral is required for financing under the facility. The facility is available from today until June 30, 2015 or upon exhaustion of allocation, whichever is earlier.
The special relief facility is available to Malaysian small and medium enterprises (SMEs) affected in the districts defined by Majlis Keselamatan Negara, Jabatan Perdana Menteri as flood disaster areas.
The maximum amount of financing is RM500,000 per group of companies. Effective financing rate chargeable is up to 2.25% per annum and the tenure of the financing is up to five years, with a grace period of six months.
“The special relief facility by BNM and some of the measures announced by financial institutions and insurers, including the temporary deferment of existing financing repayments, restructuring or rescheduling of financing and waivers of transaction fees and/or finance programmes, are intended to alleviate the financial burden and assist in the resumption of SMEs’ business operations,” said BNM.
Members of the public are advised to contact the customer service centres of their financial institutions directly for enquiries or assistance. They may also contact BNM’s Telelink at 1-300-88-5465 for additional information or assistance.
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