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Malaysia financial news: Bank Negara allocates extra RM2b for relief and recovery

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Malaysia financial news

Malaysia financial news: Bank Negara Malaysia (BNM) has officially announced an extra allocation of RM2 billion for the Targeted Relief and Recovery facility (TRRF). Besides, it also allocates for the development of an RM200 million Disaster Relief Facility (DRF) 2021.

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BNM said the additional allocation accumulates the TRRF to a total of RM4 billion. The facility is available until 31 Dec 2021, or earlier when it is fully utilized.

The Special Relief Facility and the National Economic Recovery Plan’s (Penjana) SME Financing is open for small and medium enterprises (SMEs) to apply. For further information, the fund is subject to the total financing of below RM500,000.

Besides, the assistance provided for tourism SMEs and tourism-related services subsectors remain available under the existing Penjana Tourism Financing. The public can also access the updated features of the TRRF through the website.

Meanwhile, BNM said that the establishment of the RM200 million DRF 2021 is to ease the SMEs’ financial burden. It also helps in the resumption of SMEs’ business operations that experienced the recent floods in various districts.

According to the central bank, the DRF 2021 aimed to help SMEs in covering the repair costs and replacement of damaged assets for business use. Malaysia SMEs including microenterprises can apply for it. They can apply a maximum financing amount of up to RM75,000 per microenterprise and up to RM500,00  per SME.

The financing tenure is up to five years, including a moratorium period of six months on both interest and principal payments. Including a guarantee fee, the financing rate is up to 3.5% per year.

Affected SMEs can apply for financing at an allowance rate from participating financial institutions. That includes Islamic banks, commercial banks, and BNM regulated development financial institutions.

Further details

For more details on these funds, the public can:

 

Content Source:

Bank Negara allocates additional RM2b to SME relief fund

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