SME Bank offers special relief fund for Covid-19

People wearing face masks are pictured outside Pavilion Kuala Lumpur February 10, 2020. — Picture by Firdaus Latif
People wearing face masks are pictured outside Pavilion Kuala Lumpur February 10, 2020. — Picture by Firdaus Latif

PUTRAJAYA, March 16 — SME Bank is offering a special financing of up to RM1 million to small and medium enterprises (SMEs) affected by Covid-19 under the Special Relief Fund (SRF).

Entrepreneur Development and Cooperatives Minister Datuk Seri Dr Wan Junaidi Tuanku Jaafar said the initiative, in the form of a working capital financing, has been offered since March 6 until December 31 this year.

The SRF financing period is for five years with a competitive profit rate of 3.75 per cent per annum and entails no collateral, he said in a statement issued by SME Bank today.

Meanwhile, SME Bank group president and chief executive officer Aria Putera Ismail said in the wake of Covid-19, the financial institution has been offering loan repayment deferment to eligible customers since early February.

He said the moratorium would enable the bank’s customers to manage their cash flow while guaranteeing the continuity of their business operations.

Since its launch on Feb 6, a total of 95 SME companies have applied for the deferment and the applications are currently being processed for approval, he said.

SMEs affected by the outbreak can contact the bank’s Customer Service Centre at 03-26037700 or visit www.smebank.com.my or the nearest branch for more information on the SRF loans.

Earlier, Wan Junaidi told a press conference that the clients of Bank Rakyat, SME Bank and the National Entrepreneur Group Economic Fund affected by Covid-19 can apply to defer repayments of their loans for six months, effective today. — Bernama

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