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Bank Negara Malaysia Establishes Special Relief Facility 2015 for Businesses Affected by the Recent Floods

Bank Negara Malaysia has established a Special Relief Facility of RM500 million to alleviate the problems faced by businesses that have been affected by the recent floods. Under this Facility, the affected businesses could obtain financing at a concessionary rate from any commercial bank, Islamic bank, Small Medium Enterprise Development Bank Berhad (SME Bank), Bank Kerjasama Rakyat Malaysia Berhad (Bank Rakyat), Bank Simpanan Nasional (BSN) and Bank Pertanian Malaysia Berhad (Agrobank).    

Bank Negara Malaysia will provide 60% guarantee to the financing obtained through Credit Guarantee Corporation Berhad (CGC). No additional collateral is required for financing under the Facility.

The salient features of the Facility are:
  • Available to Malaysian SMEs affected in the districts defined by Majlis Keselamatan Negara, Jabatan Perdana Menteri as flood disaster areas;
  • The minimum amount of financing is RM500,000 per group of companies;
  • Effective financing rate chargeable is up to 2.25% per annum; and
  • The tenure of the financing is up to five years, with a grace period of six months.

Businesses which need assistance can approach participating financial institutions. The Facility is available from today until 30 June 2015 or upon exhaustion of allocation, whichever is earlier.

The Special Relief Facility by BNM and some of the measures announced by financial institutions and insurers, including the temporary deferment of existing financing repayments, restructuring or rescheduling of financing and waivers of transaction fees and/or finance programmes, are intended to alleviate the financial burden and assist in the resumption of SMEs' business operations.
Members of the public are advised to contact the customer service centres of their financial institutions directly for enquiries or assistance needed. The public may also contact Bank Negara Malaysia's TELELINK at 1-300-88-5465 for additional information or assistance.

Bank Negara Malaysia

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