BNM's Disaster Relief Facility for SMEs Affected by the Recent FloodsRef No : 11/17/03 07 Nov 2017 Embargo : For immediate release
Bank Negara Malaysia (BNM) would like to announce the availability of a RM500 million Disaster Relief Facility to alleviate the financial burden and assist in the resumption of business operations of the small medium enterprises (SMEs) affected by the recent floods in the northern states of Peninsular Malaysia.
Under this Facility, the affected businesses could obtain financing at a concessionary rate from any commercial bank, Islamic bank and development financial institutions regulated by BNM. BNM will provide 60% guarantee on the financing obtained through Credit Guarantee Corporation Malaysia Berhad (CGC).
The salient features of the Facility are:
- Available to Malaysian SMEs affected in the districts identified by Agensi Pengurusan Bencana Negara as flood disaster areas;
- The maximum amount of financing is RM500,000 per group of companies;
- Financing is for the purpose of repairs/purchases of assets to replace those damaged by the flood and working capital;
- 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 on financing repayments.
Businesses which need assistance can approach participating financial institutions. The Facility is available for application from tomorrow until 31 May 2018.
Financial institutions have also committed to give top priority to all requests for assistance from customers who have been affected by the flood.
Members of the public are advised to contact the customer service centres of their financial institutions directly for enquiries or assistance needed. The public may also contact Bank Negara Malaysia's TELELINK at 1-300-88-5465 for additional information or assistance.
Bank Negara Malaysia
07 Nov 2017
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