• 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 some manner, particularly their working capital. We understand that continuity is important for every stage of 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.

 

Product Name  Special Relief Facility* (SRF) Blanket Moratorium or payment holiday* Restructuring and rescheduling (R&R)
Overview

Special Relief Facility (SRF), with an allocation of RM2 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.

 

This allows deferment of installment of up to 6 months to ease your short-term cash flow problems.  Revisit your existing financing commitment, and apply for reduction of monthly installment of up to 2 years for businesses that require longer recovery period.
Financing Purpose Working Capital Relief for existing financing facilities

Relief for existing financing facilities

Validity Period 6 March – 31 December 2020 1 April – 30 September 2020 6 March – 31 December 2020
Features
  • 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 3.75% 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. 
  • 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;
  • Loan/ financing which are in arrears more than 90 days as at 1st April 2020 are not eligible. 

 

  • Open to all existing business financing customers of CIMB Bank.
  • Step up payment duration is subject to Bank’s discretion.

 

Documents Required
  • Latest 6 months’ bank statement
  • No application or documents required. 
  • Latest 6 months’ bank statement
  • Request Letter from customer of step up payment arrangement

*An initiative by Bank Negara Malaysia (BNM). For more information, please refer to BNM link below:

Click here for BNM press release - Measures to Assist Individuals, SME and Corporate Affected by Covid-19

Click here for BNM FAQ

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