KUALA LUMPUR (April 28): Bank Negara Malaysia (BNM) on Tuesday announced the details of the RM5 billion financing facility for small and medium-sized enterprises (SMEs) affected by the ongoing global energy crisis.
The facility, dubbed the SME Stabilisation Relief Facility, offers financing of up to RM750,000 for eligible SMEs for a tenure of up to five years, at a maximum rate of 3.75% per annum, inclusive of guarantee fees, the central bank said in a statement.
The financing will be supported by guarantees of up to 80% from Credit Guarantee Corporation Malaysia (CGC), particularly for SMEs without sufficient collateral.
The measures follow a meeting between Prime Minister Datuk Seri Anwar Ibrahim and financial institution chief executives last week, aimed at providing working capital support for viable businesses to sustain operations amid uncertainty from the ongoing West Asia conflict.
Applications will open on May 15 and close on Dec 31 this year, or until full utilisation. SMEs may apply through participating financial institutions, including commercial banks, Islamic banks and development financial institutions regulated by BNM.
The central bank also urged businesses facing financial stress to engage early with their financial institutions to explore repayment flexibility, restructuring options or other support measures.
It added that SMEs can seek assistance from the Credit Counselling and Debt Management Agency (AKPK) under its Debt Management Programme and Small Debt Resolution Scheme.
For assistance, SMEs may contact their financial institutions or visit bnm.gov.my/LINK.