To support business owners during the Covid-19 outbreak, Bank Negara Malaysia (BNM) has allocated financing facilities under its Fund for SMEs in maintaining business operations, preventing layoffs and promoting domestic investments.
Here is a list of most frequently-asked questions about the Special Relief Facility.
What is the purpose of the Special Relief Facility?
The allocation of RM5 billion by BNM is to manage the short-term cash flow issues faced by business owners adversely affected by the Covid-19 outbreak.
What is the financing rate?
3.5% p a
What is the financing tenure?
5.5 years, including a six-month moratorium on repayments.
What is the period of validity?
The facility is valid from March 6 until Dec 31, 2020 or until the complete exhaustion of the RM5 billion fund whichever is earlier.
What are the perks of the Special Relief Facility?
A maximum tenure of up to 5.5 years, including a moratorium period of six months, affordable financing rate of 3.75% inclusive of guarantee fees, maximum financing of up to RM1 million and up to 80% guarantee coverage by the Credit Guarantee Corporation.
What businesses are eligible for the Special Relief Facility?
- Any businesses classified as an SME, as defined by the SME Corporation Malaysia.
- Any SME significantly affected by the Covid-19 outbreak as per assessment by BNM or in the areas identified by Agensi Pengurusan Bencana Negara or other competent authorities.
- Businesses registered with the Companies Commission of Malaysia (SSM), authorities/district offices in Sabah and Sarawak or statutory bodies for professional service providers.
- Maximum shareholders’ fund not exceeding RM5 million-shareholding by Public Listed Companies and Government-Linked Companies in the SMEs shall not exceed 20% and above.
- Malaysians residing in Malaysia that hold a minimum of 51% shareholding in the SMEs.
What are the documents required for registration?
- Latest six month’s bank statement.
- Latest audited report.
- Completed application form.
- Form 9.
- Form 24.
- Form 49.
- Memorandum of Association.
- Certificate of Registration (Sole Prop/Partnership only).
- Letter of Declaration and documentary evidence to clearly demonstrate reasonable scenarios showing that business was affected by the Covid-19 outbreak.
For further details, visit www.smebank.com.my.
This article first appeared in jobstore.com
Jobstore is an online job site that specialises in providing jobseekers with the latest job opportunities by matching talented individuals with reputable companies in Malaysia. Find your dream job with over 40,000 job vacancies in Malaysia.