KUALA LUMPUR – Bank Negara Malaysia (BNM) has announced an additional allocation of RM2 billion for the Targeted Relief and Recovery Facility (TRRF), as well as the establishment of the RM200 million Disaster Relief Facility (DRF) 2021.
In a statement today, the central bank said the funds bring TRRF to a total of RM4 billion, and that the facility is available until December 31 or full utilisation, whichever is earlier.
“Small and medium enterprises that are recipients of the Special Relief Facility and National Economic Recovery Plan’s (Penjana) SME financing are now eligible to apply for TRRF, subject to total financing not exceeding RM500,000.
“For SMEs in the tourism and tourism-related service subsectors, assistance remains available under the existing Penjana tourism financing.”
On DRF 2021, it said the facility was established to alleviate SMEs’ financial burden and assist in the resumption of operations for those affected by floods in districts identified by the National Disaster Management Agency.
BNM said the facility is aimed at helping SMEs cover the cost of repairs and replacement of damaged assets for business use.
“It is available to Malaysian SMEs, including microenterprises, with a maximum financing amount of up to RM500,000 per SME, and up to RM75,000 per microenterprise.
“The tenure of the financing is up to five years, including a moratorium of six months on both principal and interest payments. The financing rate is up to 3.5% per annum, inclusive of a guarantee fee.”
The facility will be available until July 31 or full utilisation, whichever is earlier.
Affected businesses can apply for financing at a concessionary rate from participating financial institutions, comprising commercial and Islamic banks, and development institutions regulated by BNM.
More information is available on the bank’s website. – Bernama, February 5, 2021
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