KUALA LUMPUR: A total of RM3.3 bil has been allocated by Bank Negara Malaysia (BNM) under the Economic Stimulus Package 2020 (ESP) to help SMEs sustain their business operations and employment, as well as boost domestic investment.
Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said today the assistance is being channelled through financial institutions, comprising commercial banks, Islamic banks and development financial institutions regulated by BNM.
He said SMEs could apply online through the business financing reference platform at the website imsme.com.my.
The financing includes a Special Assistance facility with an allocation of RM2 bill to help ease the short-term cash flow of SMEs affected by Covid-19, he said in a statement.
Eligible SMEs can get up to RM1 mil in funding with a term of up to 5.5 years, including a six-month repayment moratorium. The financing rate does not exceed 3.75% a year.
For AgroFood, an allocation of RM1 bil is provided to increase national food production for local consumption and export.
Eligible SMEs can obtain up to RM5 mil in financing with a term of up to eight years at a fixed financing rate of not more than 3.75% a year.
For Automation and Digital Facilities, an allocation of RM300 mil is provided to encourage SMEs to automate their processes and digitise their operations to increase productivity and efficiency.
Eligible SMEs can get financing of up to RM3 mil with a term of up to 10 years at a financing rate of 4% a year.
Tengku Zafrul said Bank Simpanan Nasional (BSN) has also allocated RM200 mil in micro-credit facilities at a financing rate of 4%.
He said all financial Institutions under BNM’s regulatory authority also provide a special financing of up to RM1 mil without collateral under a special assistance facility to SMEs affected by Covid-19, as well as rescheduling & restructuring facilities for businesses, SMEs and individuals, including a moratorium on loan repayments. – March 19, 2020, Bernama
