PETALING JAYA: Bank Negara Malaysia (BNM) has revealed an additional RM2 billion allocation to the Targeted Relief and Recovery Facility (TRRF) as well as the establishment of a RM200 million Disaster Relief Facility 2021 (DRF).
Subsequently, the relief facility’s total allocation stands at RM4 billion and it will be available until Dec 31, 2021 or full utilisation, whichever is earlier.
The central bank highlighted that SMEs that have received Special Relief Facility and Penjana SME Financing are now eligible to apply for the TRRF, subject to a total financing limit not exceeding RM500,000.
However, SMEs in tourism and the related services subsector, it stated that assistance remains available under the existing Penjana Tourism Financing.
On the other hand, the newly minted DRF is established to alleviate the financial hardship and assist SMEs to resume their business in the wake of the recent floods in the districts identified by the National Disaster Management Agency as flood disaster areas.
The facility is meant to assist Malaysian SMEs and microenterprises to cover the costs of repairs and replacements of damaged assets for business use, with a maximum financing of RM500,000 or up to RM75,000 per micro enterprise.
According to BNM, the facility has a tenure of up to 5 years, including a six month moratorium period on principal and interest payment with a financing rate of up to 3.50% per annum, inclusive of guarantee fee.
The facility will be available until July 31, 2021 or full utilisation, whichever is earlier.
To apply, affected businesses can apply for financing at a concessionary rate from participating financial institutions regulated by BNM.
It also pointed out that SMEs in other sectors can access the various other facilities listed at the central bank’s Fund for SMEs on its website.
Source: The Sun Daily
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