SME Bank is offering targeted extension on moratorium and assistance to almost all of its eligible customers through the SME Relief Program (SRP) as announced last August.
Minister of Entrepreneur Development and Cooperatives (MEDAC), Wan Junaidi Tuanku Jaafar said, “The SRP Program involved 3090 customers with financing value amounting more than RM4.8 billion. This SME Bank’s initiative, which targeted customers from five SME sectors and the micro and small categories are in line with the Entrepreneur and Cooperative Recovery Plan announced by MEDAC.”
“The five SME sectors targeted in this SRP program are tourism, education, public transport, health and petrol stations. With the assistance such as the SRP Program, we can achieve stability in the entrepreneurship ecosystem, restoring business operations in the immediate term and ensuring entrepreneurs remain competitive and resilient after being hit with the Covid-19 crisis,” he added.
SME Bank Group President and Chief Executive Officer, Aria Putera Ismail said, “SME Bank formulates the SRP Program by taking into account the needs and strength of each customer’s business cash flow. This SRP program generally offers 12 months extension to the existing financing. From the total number of eligible customers, 66% received a moratorium extension package up to 12 months and 15% received a six-month profit servicing package. The remaining customers are provided with the rescheduling of their financing.”
Aria added, “Various initiatives have been taken to ensure that each of SME Bank’s customers received clear information regarding the SRP Program. Among the initiatives implemented include ensuring each Relationship Manager contacting their customers, organizing the SRP Open Day at selected branches, communication through various social media platforms, text messaging and phone calls as well as distribution of Notification Letters to the targeted customers.”
This SRP Program begins after the Bank Negara Malaysia’s automatic moratorium period ends on Sept 30.