RM900 million Financing Readily Available from ADFIM Member Banks for COVID-19-hit SMEs

RM900 million Financing Readily Available from ADFIM Member Banks for COVID-19-hit SMEs

KUALA LUMPUR, April 13  — Financing totalling RM900 million from member banks of the  Association of Development Finance Institutions Malaysia (ADFIM) is readily available for eligible borrowers.

ADFIM  secretary-general Mohd Prasad Hanif said this was to assist various sectors and small and medium enterprises (SMEs) affected or had to cease operations due to COVID-19.

He said Bank Simpanan Nasional (BSN), as the operator of the Micro-Credit Scheme, is providing RM700 million to eligible entrepreneurs.

BSN also offers a collateral-free special financing facility of up to RM250,000 to agrofood, as well as automation and digitization businesses with a repayment period of five to seven years, he said in a statement today.

He said Bank Rakyat is providing RM200 million in financing to meet the needs of cooperatives, micro-enterprises and SMEs starting March 23, subject to stipulated conditions.

Mohd Prasad said the bank also offers a six-month moratorium on financing payments for individuals and companies in the affected industries such as aviation, tourism and transportation besides providing attractive offers for all credit card-i products.

“ADFIM encourages interested SMEs to get in touch directly with the institutions concerned to access the facilities offered or to obtain details of other related financing products,” he said.

All the financial institutions involved would continue to process funding applications, he said, adding that their customer service hotlines also continue to operate to meet customer needs.

Agrobank, Bank Pembangunan Malaysia Bhd and BSN are open from 9.30am to 3pm, SME Bank Bhd (8.30am-3pm), and Bank Rakyat (9am-1pm) during the Movement Control Order (MCO) period, .

Meanwhile, ADFIM member banks have donated a total of RM14.1 million to various funds and organisations to fund and help frontliners address COVID-19 and the community affected by the pandemic.

ADFIM has 17 members, including the Malaysian Technology Development Corporation, Malaysian Industrial Development Finance, Sabah Development Bank Bhd, Sabah Credit Corporation, Development Bank of Sarawak Bhd, Perbadanan Nasional Bhd, and Majlis Amanah Rakyat.



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