BSN gets RM700m to assist Covid-19 hit micro entrepreneurs

KUALA LUMPUR: Bank Simpanan Nasional (BSN) has received an allocation of RM700 million from the government for disbursement of loans/financing to Covid-19-hit micro-entrepreneurs through the BSN Micro/i Kredit Prihatin.

Its CEO Datuk Yunos Abd Ghani said the financing is offered at 2% interest rate without collateral to all micro-entrepreneurs in various segments on condition that they have been in business for at least six months, instead of one year previously.

He said to enable microentrepreneurs to continue their business, the maximum financing amount was also increased from RM50,000 to RM75,000 for each entrepreneur with a loan/financing period of between one and 5.5 years.

“Entrepreneurs applying for BSN Micro/i Kredit Prihatin are also given a six-month moratorium on monthly installment payments.

“At the same time, the rates at as low as 3.5% to 4% are also offered to customers for existing products and financing such as the Special Relief Facility, Agrofood Facility, and Automation and Digitalization Facility,” he said yesterday.

Yunos said BSN’s role is to support the government’s initiatives and concern in providing assistance to Malaysians affected by Covid-19 through several measures underlined in a few economic stimulus packages announced recently.

“We hope that the assistance offered by BSN would help ease the burden of Malaysians in these difficult times,” he added. – Bernama