The Borneo Post

BNM announces further informatio­n on TRRF, MEF

-

KUALA LUMPUR: Bank Negara Malaysia ( BNM) has elaborated on the new and enhanced financing facilities for small and medium enterprise­s (SMEs), namely the Targeted Relief and Recovery Facility (TRRF) and the Micro Enterprise­s Facility (MEF), as announced in Budget 2021.

In a statement, the central bank said under the TRRF, eligible SMEs which have been adversely affected by Covid19 can obtain financing for working capital purposes of up to RM500,000 for a tenure of up to seven years, including a repayment moratorium of at least six months.

It said the facility is offered at a rate of up to 3.5 per cent per annum and is available through 21 participat­ing financial institutio­ns (PFIs), with guarantee coverage by Credit Guarantee Corporatio­n (CGC) or Syarikat Jaminan Pembiayaan Perniagaan (SJPP).

The RM2 billion facility, aimed at assisting SMEs in the services sector, is available until Dec 31, 2021 or until its fully utilised, whichever comes earlier, it said.

On the MEF, BNM said it has been enhanced to improve access to credit for micro enterprise­s to include selfemploy­ed individual­s, gig workers on digital platforms and participan­ts of the iTEKAD programme – a social financing programme that supports micro entreprene­urs from the B40 segment.

The central bank also said that the MEF has been increased from RM300 million to RM410 million, with an available balance of RM200 million.

Eligible micro enterprise­s can obtain financing of up to RM50,000 for working capital and capital expenditur­e purposes, it said.

BNM said the financing rate will be determined by the PFIs, adding that PFIs can also seek guarantee coverage from CGC or SJPP for this facility. “Interested SMEs can apply for the TRRF directly from PFIs, which comprise commercial banks, Islamic banks and developmen­t financial institutio­ns regulated by BNM via their websites or by visiting the PFIs’ branches.

“For the MEF, interested micro enterprise­s can apply directly to PFIs under the Skim Pembiayaan Mikro,” said BNM.

On another note, the central bank said details on the High Tech Facility ( HTF) will be announced on Dec 15, 2020.

It said the public can contact BNMTELELIN­K for further informatio­n and advice on issues that they may face with their banks by emailing bnmtelelin­k@bnm.gov.my or by calling 1-300-88-5465.

Further details on the features of the mentioned facilities are available online at www.bnm.gov.my/covid19/.

Interested SMEs can apply for the TRRF directly from PFIs, which comprise commercial banks, Islamic banks and developmen­t financial institutio­ns regulated by BNM via their websites or by visiting the PFIs’ branches. BNM

Newspapers in English

Newspapers from Malaysia