The immediate financing facility by Alliance Bank Malaysia Berhad (“Alliance Bank” or the “Bank”) available to small and medium enterprises (“SMEs”) impacted by the COVID-19 outbreak supports Bank Negara Malaysia’s Special Relief Facility which has an allocation of RM2 billion and a financing rate capped at 3.75 percent.
This prompt, collateral-free financing facility of up to RM1 million per company help meets the immediate working capital requirements of SMEs, and alleviate their short-term cash flow situation. The funds will be disbursed in as fast as one working day with minimal documents required for the loan application.
“SMEs are the bedrock of the economy. We are committed to helping business owners weather these challenging times by providing financing that is fast and hassle free. Our bank’s relationship managers have been proactively engaging with existing clients from key industry sectors affected by this situation to understand their challenges and offer the right solutions,” said Joel Kornreich, Chief Executive Officer of Alliance Bank Group.
Earlier announced relief measures for their customers impacted by COVID-19, also includes deferment of loan instalments or financing servicing, and loan restructuring and rescheduling for up to six months.