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KUALA LUMPUR, Dec 2 (Bernama) — Bank Negara Malaysia (BNM)\nhas elaborated on the new and enhanced financing facilities for small and\nmedium enterprises (SMEs), namely the Targeted Relief and Recovery Facility\n(TRRF) and the Micro Enterprises Facility (MEF), as announced in Budget\n2021. <\/p>\n\n\n\n
In a statement, the central bank said under the TRRF,\neligible SMEs which have been adversely affected by COVID-19 can obtain\nfinancing for working capital purposes of up to RM500,000 for a tenure of up to\nseven years, including a repayment moratorium of at least six months. <\/p>\n\n\n\n
It said the facility is offered at a rate of up to 3.5 per\ncent per annum and is available through 21 participating financial institutions\n(PFIs), with guarantee coverage by Credit Guarantee Corporation (CGC) or\nSyarikat Jaminan Pembiayaan Perniagaan (SJPP). <\/p>\n\n\n\n
The RM2 billion facility, aimed at assisting SMEs in\nthe services sector, is available until Dec 31, 2021 or until its fully\nutilised, whichever comes earlier, it said.<\/p>\n\n\n\n
On the MEF, BNM said it has been enhanced to improve access\nto credit for micro enterprises to include self-employed individuals, gig\nworkers on digital platforms and participants of the iTEKAD programme\n— a social financing programme that supports micro entrepreneurs from the\nB40 segment. <\/p>\n\n\n\n
The central bank also said that the MEF has been increased\nfrom RM300 million to RM410 million, with an available balance of RM200\nmillion. <\/p>\n\n\n\n
Eligible micro enterprises can obtain financing of up to\nRM50,000 for working capital and capital expenditure purposes, it said.<\/p>\n\n\n\n
BNM said the financing rate will be determined by the PFIs,\nadding that PFIs can also seek guarantee coverage from CGC or SJPP for\nthis facility.<\/p>\n\n\n\n
\u201cInterested SMEs can apply for the TRRF directly\nfrom PFIs, which comprise commercial banks, Islamic banks and development\nfinancial institutions regulated by BNM via their websites or by visiting the\nPFIs\u2019 branches. <\/p>\n\n\n\n
\u201cFor the MEF, interested micro enterprises can apply\ndirectly to PFIs under the Skim Pembiayaan Mikro,\u201d said BNM.<\/p>\n\n\n\n
On another note, the central bank said details on the\nHigh Tech Facility (HTF) will be announced on Dec 15, 2020.<\/p>\n\n\n\n
It said the public can contact BNMTELELINK for further\ninformation and advice on issues that they may face with their banks by\nemailing bnmtelelink@bnm.gov.my or by calling 1-300-88-5465. <\/p>\n\n\n\n