Hong Leong Bank Provides Financial Assistance To SMEs Affected By Covid-19

Hong Leong Bank Berhad (‘HLB’ or ‘the Bank’) is assisting its small and medium enterprises customers (SMEs) with financial aid to sustain their business operations affected by the Covid-19 outbreak through Bank Negara Malaysia’s (BNM) Special Relief Facility (SRF).

Through the SRF, with no collateral requirement, eligible SMEs stand to receive financing of up to RM1 million and for a term loan up to 5.5 years with a financing rate capped at 3.75 percent per annum.

This financing facility is inclusive of financing to related companies that have common shareholder(s) with an 80 percent guarantee by the Credit Guarantee Corporation (CGC) or Syarikat Jaminan Pembiayaan Perniagaan (SJPP).

According to Domenic Fuda, Group Managing Director and Chief Executive Officer of HLB, SMEs are especially vulnerable in terms of managing their cash flow in situations of economic and business disruptions.

“SMEs are the main drivers of our economy and we are here to help and resolute in facilitating the ease the burden that our SME customers are presently facing.”

Fuda said that along with the latest OPR reduction and the Bank’s Customer Financial Relief Plan, BNM’s SRF will provide much needed relief for SMEs currently experiencing cash flow issues.

“It will give them an opportunity to shore up resources, so that they can bounce back faster as soon as the situation improves.”

Previously, the Bank has put in place a Customer Financial Relief Plan for its SMEs and individual customers options to restructure or reschedule loans and financing to address short-term cash-flow situation.



Please enter your comment!
Please enter your name here

Latest News

11th IGEM 2020 positions Malaysia as a flourishing hub of green industries and finance

The third day of the 11th International Greentech & Eco Products Exhibition & Conference Malaysia (IGEM 2020), continued to serve as a...

Tech enabled startups are agents of innovation in the country, says MOSTI

E-Nation, a flagship annual conference organised by the Malaysian Global Innovation & Creativity Centre (MaGIC) identified agility as key to successful businesses...

Deloitte report finds Malaysia among regional leaders in digital life adoption

An extensive survey conducted by Deloitte across age groups in eight countries in South and Southeast Asia showed that consumers aged between...

CIMB to continue repayment assistance programme

CIMB Bank Berhad and CIMB Islamic Bank Berhad has announced that its repayment assistance programme continues to be made available, to allow...

Gamuda Land launches digital gallery, Gamuda Land Virtual Experiential Gallery

Gamuda Land has launched its innovative digital gallery, Gamuda Land Virtual Experiential Gallery. The gallery is built entirely on a virtual reality...

Must read

How today’s technology is key to industrial and manufacturing sector business continuity in a post-Covid-19 world

By  Dr. Ravi Gopinath, Chief Product Officer AVEVA , How the world does business was changing before the outbreak...

Prioritising digital resiliency in the road to recovery

By Maria Dzhanan, Vice President, Oracle Digital, JAPAC With sixty-one percent of small and medium businesses (SMBs) in Asia Pacific...

Is WFH Stifling Innovation?

Many companies are adopting ‘work from home’ models for employees following their success during COVID-19. The pandemic-induced economic downturn may not necessarily...

Agricultural industrialisation as key to food safety, security & sovereignty

By Jason Loh, Emir Research’s Q3 2020 Focus Group Discussion (FGD) findings has highlighted concerns over food safety, security...