BNM announces enhancements to Covid-19 facilities for SMEs

KUALA LUMPUR (July 3): Bank Negara Malaysia has allocated another RM2 billion for the Targeted Relief and Recovery Facility (TRRF) to provide relief for those in the services sector, bringing the total allocation for the facility to RM6 billion, as part of a list of enhancements to the Central Bank’s initiatives for SMEs.

In a statement yesterday, BNM said it will also increase the allocation for the All Economic Sector (AES) Facility, which aims to enhance access to financing for SMEs, by RM2 billion to RM6.5 billion.

The two enhancements were previously announced by Prime Minister Tan Sri Muhyiddin Yassin under the PEMERKASA+ and PEMULIH packages respectively.

Besides that, the TRRF and PENJANA Tourism Financing (PTF) facilities now also allows SMEs to utilise part of their financing proceeds to repay existing business loans.

The Central Bank said the maximum amount that can be used for refinancing is up to 30% of approved financing for the TRRF, and up to 50% for the PTF.

“In addition, recipients of the Special Relief Facility and PENJANA SME Financing are now eligible to apply for the PTF (up to RM300,000 per SME).

“The PTF aims to support SMEs in the tourism sector by preserving their capacity and assisting them to adjust and remain viable post pandemic,” said BNM.

It said interested SMEs can directly apply for these facilities from participating financial institutions, and may refer to bnm.gov.my/covid19 or contact the Central Bank at bnm.my/LINK if there are any queries relating to the financing facilities.

Get the latest news @ www.EdgeProp.my

Subscribe to our Telegram channel for the latest stories and updates 

Click here for more property stories