The third installation of the Movement Control Order we are all encountering now, follows the first time when the dreaded three letter word was introduced. It was harsh, painful and necessary! Many of us thought that we will never see the likes of MCO 1.0 ever again, however as complacency set in and our guards completely let down, the viscous Covid-19 virus struck, but this time harder than any other time in the past year.
As the government was left with little to no choice, the bitter MCO pill has been given to all Malaysians to swallow, this will leave a devastating effect on businesses and even further drag those who were just about to see some silver lining. However, there is some respite as the government has introduced almost immediately aid packages for those impacted on the recent MCO. This assistance is also further comforted by the announcement by Credit Guarantee Corporation Malaysia Berhad and HSBC Malaysia assuring customers that it will offer to assist those affected with various programmes.
CGC will continue to provide its guarantee to Micro SME’s and participating Financial Institutions in Bank Negara Malaysia’s Fund for Targeted Relief and Recovery Facility and with its Targeted Repayment Assistance programme. In addition, the financial service provider has been proactively reaching out to its customers in need of Rescheduling & Restructuring for their financing/loan to support MSMEs in this challenging environment.
Meanwhile, HSBC Bank Malaysia and HSBC Amanah Malaysia will be extending the prevailing financial assistance programmes for eligible individuals and SMEs, affected by the pandemic. Microenterprises and SMEs that are directly impacted may apply to choose either a 3-month deferment or up to 50% reduction in monthly instalments for 6 months. All retail customers with reduced income, may also apply for a reduction in monthly instalments for 6 months.
Our country’s resilient banking system has been able to cope the multiple times they have been called up to support the Rakyat and businesses. Like good soldiers they have offered assistance and kept the livelihood of many families from disintegrating during these challenging times.