With a host of aids and packages available for businesses and SME’s its something hard to keep track what’s available how to get these financial supports. Almost ever stimulus announced by the Prime Minister has assistance for the small and medium industry but there are enhancements made which require understanding.
Bank Negar Malaysia, has issued a statement with regards to the latest aid packages PEMERKASA+ and PEMULIH which lists various relief facilities to selected and all sectors of SME’s. The Central bank is listing the enhancement made to Targeted Relief and Recovery Facility (TRRF) and All Economic Sector or AES that received an additional RM4billion infusion.
For TRRF BNM will increase the allocation by RM2 billion, bringing the total allocation to RM6 billion it provides relief for and support the recovery of SMEs in the services sector. You can here for the updated features of the TRRF.
In addition, the All Economic Sector (AES) Facility which will get another RM2 billion, brings the total allocation to RM6.5 billion. The AES is open to SMEs from all sectors of the economy, and aims to enhance SMEs’ access to financing and support growth. You can click here for the updated features of the AES.
On the enhancements to features of the facilities, the TRRF and PENJANA Tourism Financing (PTF) have been enhanced to allow SMEs to utilise part of financing proceeds to repay existing business loans (i.e. refinance). The maximum amount that can be used for refinancing is TRRF: up to 30% of financing approved PTF: up to 50% of financing approved.
In addition, recipients of the Special Relief Facility and PENJANA SME Financing are now eligible to apply for the PTF (up to RM300,000 per SME). The PTF aims to support SMEs in the tourism sector by preserving their capacity and assisting them to adjust and remain viable post pandemic. Click here for the updated features of the PTF.
Interested SMEs can directly apply for these facilities from participating financial institutions. SMEs may also refer to bnm.gov.my/covid19 for additional information.
