• COVID-19 Financial Relief Assistance Programme for SMEs

COVID-19 Financial Relief Assistance Programme for SMEs

The COVID-19 outbreak has a growing impact on the global economy and it has affected businesses in every possible manner, particularly their working capital. We understand that continuity is important every single stage in your business and we are ever-prepared to assist SMEs to go through this difficult period. CIMB SME Banking is introducing a few relief measures to help your business to get back on track and ease your cash flow problems

In this trying times, you do not need to make any repayment/ payment incurred as at 1st April 2020 until 30 September 2020 and no late payment charges or penalties will be imposed in respect of those repayment/payment. 

 

Product Name  Special Relief Facility* (SRF) / Special Relief Facility (SRF-i) Automatic 6- months Moratorium for Term Loan/ Term Financing-i** Automatic 6-months Moratorium for Trade Financing Restructuring and rescheduling (R&R)
Overview

Special Relief Facility (SRF) /Special Relief Facility (SRF-i), with an allocation of RM5 billion by Bank Negara Malaysia, aims to help alleviate the short-term cash flow problems faced by SMEs adversely affected by the COVID-19 outbreak.

ANNOUNCEMENT

In reference to Bank Negara Malaysia's announcement on 30 March 2020 regarding the allocation of  a RM5.0 billion Special Relief Facility-i (SRF-i) to assist SMEs affected by the recent COVID-19 outbreak, we wish to inform that the facility has been fully utilised and as such will no longer be offered.

Please click here for other financing products available

This allows deferment of installment of 6 months to ease your short-term cash flow problems

 

Trade finance loans / financing with maturity / due date during the validity period

 

Revisit your existing financing commitment, and apply for reduction of monthly installment for businesses that require a longer recovery period

 

Types of Loan/ Financing Working Capital All Term Loan / Term Financing-i Trade financing loan / financing

All existing loans / financing facilities

Validity Period 6 March – 31 December 2020 6 months for any repayment / payment incurred as at 1st April 2020 6 months for any repayment / payment incurred as at 1st April 2020 6 March – 31 December 2020
Terms
  • Available under Term Loan or Term Financing;
  • Maximum tenure of up to 5.5 years, including a moratorium period of 6 months;
  • Affordable financing rate of 3.5% inclusive of guarantee fees;
  • Maximum financing amount of up to RM1 million;
  • Up to 80% guarantee coverage by Credit Guarantee Corporation.
  • Deferment of loan/financing of 6 months in respect of principal and interest/profits.
  • Applicable only for loan/financing denominated in Ringgit Malaysia. 
  • Not in arrears of 90 days as at 1st April 2020
  • Step up payment (up to maximum 2 years) where during the period, customer is serving only monthly interest / profit and minimum principal sum.
  • Other R&R arrangements will be acceded on a case-by-case basis
  • Open to all facility types.
  *subject to terms & conditions
Eligibility
  • Businesses classified as SME, as defined by SME Corporation Malaysia;
  • For Automatic 6-months Moratorium and R&R, it is only applicable to SMEs with existing loan /financing with CIMB.
Documents Required
  • Latest 6 months’ bank statement
  • No application or documents required. 
  • Latest 6 months’ bank statement
How do i apply or opt-out
  • For SMEs who would like to Opt-Out from the 6 months Moratorium Programme, Please give CIMB’s Business Call Centre a call at 1300 888 828 
  • For non-SME and corporate customers, kindly contact your Relationship Manager for necessary arrangement
  • *An initiative by Bank Negara Malaysia (BNM). For more information, please refer to BNM link below:
    ** For all new loan /financing disbursed after 1st April 2020, kindly contact the Bank.

    Click here for BNM Press Release - Measures to Assist Individuals, SME and Corporate Affected by COVID-19

    Click here for BNM FAQ

    Other Solutions to Support SMEs

    SME Partners Solutions

    It is during times like this that SMEs need to REINVENT and RESTRATEGIZE their businesses. Through our various partnerships, SMEs can have access to both B2C and B2B markets as well as digital solutions, no matter the time or place: 

    Create your own website and join a free webinar by Shopmatic or enhance your website via Exabytes or Exabytes Digital and bring your business online!

    For further information regarding the above products, please click here.

    Digital Relief Package

    Since the breakout of the Covid-19 pandemic, many businesses have suffered, especially in the retail sector, including F&B and Services. 

    The lack of digital presence for the many SMEs in this sector makes it harder for them to survive. Today, every commercial bank in Malaysia is helping SMEs with financial relief. But CIMB SME wants to do more – we don’t want our customers to merely survive, but to come out of this crisis stronger. 

    Hence, the launch of the Digital Retail Package, powered by the solutions of our SME Partners i.e. Exabytes and BillPlz. With the support of our partners, CIMB SME customers can begin their Digital Transformation journey easier than ever.

    On top of this, you get to enjoy RM100 cashback when you sign up for the Digital Relief Package! To find out more, click here

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    1300 888 828