RHB Banking Group has approved over RM500 mil in Special Relief Facility (SRF) applications by more than 700 small and medium enterprises (SMEs), to help alleviate their short-term cash flow difficulties arising from the Covid-19 pandemic.
It said the SRF is part of Bank Negara Malaysia’s Fund for SMEs with an allocation of RM5 bil, made available under the RHB SME Financial Relief Assistance Programme to assist SMEs adversely affected by Covid-19 sustain business operations, safeguard jobs, as well as support economic growth.
In a statement today, group managing director Datuk Khairussaleh Ramli said RHB has approved more than 700 SRF applications from SMEs out of over 1,500 applications received so far, amounting in excess of RM500 mil.
“The highest number of approvals granted are to the wholesale and retail trade sectors, at 31% with the total facility amount of RM155 mil.
“This is followed by 16% from the manufacturing sector at RM79 mil, while the rest are mainly for SMEs from various services sectors,” he said.
The group noted that eligible SMEs can obtain working capital financing of up to RM1 mil at a financing rate of 3.5% per annum, inclusive of any guarantee fee, with a maximum tenure of up to 5.5 years, including the six month moratorium period.
The facility is available under term financing and has up to 80% guarantee coverage by Credit Guarantee Corporation Malaysia Bhd (CGC) or Syarikat Jaminan Pembiayaaan Perniagaan Bhd (SJPP).
Throughout the Movement Control Order (MCO) period, business owners can submit applications for the SRF through RHB SME Online financing platform which is accessible to both new and existing customers, Khairussaleh said.
Currently, he said almost half of the SRF approvals are those with new financing relationships with RHB.
The group saw an encouraging 36% of SRF applications being submitted through the online platform and strongly encourages SMEs to make use of the digital platform particularly during this MCO period.
“The RHB SME Online Financing platform allows simple, fast and seamless application experience with a user-friendly interface where all data inputs and consent procedures can be done digitally.
“In the days and weeks ahead, we will also be proactively engaging our SME customers through Webinars or Zoom to conduct talks on SRF applications as well as provide advice on financial management during this most challenging period,” added Khairussaleh. — April 29, 2020, Bernama
