SME - Have you apply SRF (Special Relief Facilities)

Introduction

Under the RM2 billion stimulus package announced on February 27, the BNM’s SRF aims to alleviate the short-term cash flow problems faced by the SMEs due to the outbreak.

On 27.03.2020, PM8 announced another additional RM3 billion and lower rate of 3.5% (including 0.5% CGC fee)

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What is SRF?

Special Relief Facility for SMEs affected by COVID-19

* As Working Capital

* In the form of TERM LOAN

* Repayment start at 7th Month (first 6 months no need to pay installment or interest)

* Tenure up to 60 months (total 66 months including first 6 months)

* Financing Rate is 3.50% (inclusive of CGC Fee)

* Up to RM1 million per SME

Where can SME apply ?

Most of the commercial Banks.

1. Public Bank

- Click to apply >> https://www.pbebank.com/srf

- FAQs https://www.pbebank.com/pdf/B-Financing/faq-srf.aspx

2. CIMB Bank

- Click to view condition

 Click HERE to WhatsApp to Nicholas if your company has Banking Account with CIMB

3. Hong Leong Bank

- By email HLonline@hlbb.hongleong.com.my

4. Maybank

- Click to find out more https://www.maybank2u.com.my/maybank2u/malaysia/en/business/financing/working_capital/business/special-relief-facility.page

Requirements ?

1. Malaysia SME business, as defined by SME Corporation Malaysia.

2. Shareholders' fund not more than RM5 million

3. Shareholding by PLC or GLC not more than 20%

4. Shareholding by Malaysian must be more than 51%

5. Documents required, including but not limited to, varies from Bank to Bank

- Copy of NRIC of the Directors/Shareholders

- SSM Documents

Talk to your Accountants if you need assistance on preparing Loan Application Documents.

Click to WhatsApp Chong Accounting

 Reference:

1. Malay Mail - Feb 2020 https://www.malaymail.com/news/money/2020/03/18/hong-leong-to-assist-smes-via-bank-negaras-special-relief-facility/1847799

2. SME Bank - March 2020 https://www.malaymail.com/news/money/2020/03/16/sme-bank-offers-special-relief-fund-for-covid-19/1847147

3. SME - Are you waiting for help from government http://www.chongaccounting.com/post/sme-are-you-waiting-for-help-assistance-from-government