CIMB Bank and CIMB Islamic extends Covid-19 relief programmes for SMEs

CIMB Bank Berhad and CIMB Islamic Bank Berhad are extending their Covid-19 relief programmes to include financing for SMEs and larger businesses, in support of the Government’s efforts to assist businesses during this difficult time. The Bank is pleased to work together with Syarikat Jaminan Pembiayaan Perniagaan Berhad (“SJPP”) and Danajamin Nasional Berhad (“Danajamin”) in the roll out of SJPP Government Guarantee Scheme Covid-19 (“GGS Prihatin”) and Danajamin PRIHATIN Guarantee Scheme (“DPGS”) respectively.

The two additional programmes complement the assistance provided by CIMB to mid-sized SMEs through BNM’s Special Relief Facility (“SRF”) in the early stages of the pandemic.

Victor Lee Meng Teck, CEO of Group Commercial Banking, CIMB Group said, “CIMB is happy to extend unwavering support to businesses, especially in these tough times. As announced by SJPP and Danajamin, a total of RM56 billion has been allocated for SMEs and larger businesses to help with liquidity, in order to sustain them during this period and hopefully promote growth while operating in the new norm. With our strong network across the country, we hope to be able to reach out to a larger pool of businesses affected by the pandemic. After a successful rollout of the SRF earlier on, we are optimistic that this additional help will ease the financial burden of these companies, and reignite their business in the face of challenges associated with restarting the economy and their recovery.”

The GGS Prihatin is open to SMEs requiring working capital and capital expenditure financing starting from RM75,000 up to RM20 million. SJPP provides an 80 percent guarantee coverage of up to 10 years. Applications are open until 31 December 2020 or until the scheme limit of RM6 billion is fully utilised. Malaysian SMEs in all sectors are eligible for this scheme.

Larger businesses incorporated and based in Malaysia who have been adversely impacted by Covid-19 may find better support for their capital requirements under DPGS. A minimum financing facility of RM20 million is to be offered by a bank, with the DPGS providing a guarantee coverage of up to 80 percent  under this facility. The tenure of guarantee coverage is up to 5 years and applications are open until Dec 31, or until the RM50 billion scheme is fully utilised.

Conventional or Islamic financing is available for both schemes. For more information, businesses can contact their relationship managers at CIMB, or visit any of the CIMB business centres throughout Malaysia.

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