COVID-19 Impact Relief Last updated on 06 May 2020

Incentives and support for entrepreneurs from Government

From Relief / Incentive / Initiative / Offers
Bank Negara

Special Relief Facility

  • RM2 billion worth in loans
  • For small and medium-sized enterprises (SMEs).
  • To alleviate short-term cash flow problems faced by SMEs adversely affected by the COVID-19 outbreak
  • The funds will be distributed through commercial banks at an interest rate capped at 3.75 percent per annum.
  • Each SME will be eligible to receive up to 1 million ringgit with a tenure of 5.5 years.
  • This includes a 6-months payment moratorium.
  • The government will provide banks with an 80 percent guarantee on the loans.
  • Available from 6 March 2020 to 31 December 2020

Agrofood Facility

  • RM1 billion in loans.
  • For Malaysian SMEs
  • To increase food production for Malaysia and for export purposes
  • Interest rate capped at 3.75% per annum (inclusive of any guarantee fee)
  • Each eligible SME is able to receive RM5 million with a tenure of 8 years maximum.
  • Available from 6 march 2020 onwards
  • The government will also allocate RM40 million to help SMEs in the agriculture sector. This fund will be used to enable SMEs to sell their products on e-commerce platforms and therefore to a larger pool of consumers.
  • SME Automation and Digitalisation Facility

  • RM300 million available as loans
  • For SMEs
  • To automate processes and digitalise operations to increase productivity and efficiency
  • Interest rate 4% per annum.
  • for a maximum tenure up to 10 years.
  • The financing can be used to help purchase hardware, software, and other IT solutions and services, in addition to equipment and machinery
  • Available from 6 March 2020 to 31 Dec 2020

Loan Deferment by All Malaysian Banks

  • For individuals and small and medium enterprises (SMEs), the deferment in conventional loans or Islamic financing repayment obligations (except credit cards) are automatically effected by banks and development financial institutions (DFIs) if they meet these criteria:
    • loan/financing are not in arrears exceeding 90 days as at 1 April 2020; and
    • is denominated in Malaysian Ringgit.
  • The package also applies to newly approved/ disbursed loans (all loans outstanding as at 1 April) Besides small businesses.
  • The loan deferment offering is also available for those working in the tourism industry.

References

https://www.aseanbriefing.com/news/malaysia-issues-stimulus-package-combat-covid-19-impact/
https://www.bnm.gov.my/index.php?ch=en_press&pg=en_press&ac=5000
https://www.iproperty.com.my/news/covid-malaysia-loan-deferment-individuals-sme-bnm-faq/
https://www.iproperty.com.my/guides/malaysian-banks-financial-relief-covid-outbreak/

SME Bank

Special Reliefs Funds for Covid-19

  • Offer a special financing of up to 1 million to small and medium enterprises affected by COVID-19
  • Helps the SMEs to manage their cash flow while guaranteeing the continuity of their business operations.

https://www.smebank.com.my/en/news-2020-latest-news/1077-sme-bank-offers-special-relief-fund-for-covid-19

Bank Rakyat

Bank Rakyat Cares Campaign

  • allocating a RM200 million financing facility.
  • To assist entrepreneurs and cooperatives
  • Exclusive financing program to help Micro customers, SMEs and Cooperatives.
  • Includes a moratorium of 6 months to affected industries.

https://www.bankrakyat.com.my/c/kempen/kempen/kempen_bank_rakyat_cares-659

Bank Simpanan Nasional BSN

Micro Stimulus

a micro loan scheme which is offered to micro enterprises whose businesses are impacted by COVID -19 outbreak. The financing rate is 2% p.a.

https://www.mybsn.com.my

Tekun

Inisiatif TEKUN

  • Penangguhan bayaran balik pembiayaan secara automatik selama 6 bulan.
  • Penjadualan semula pembayaran untuk usahawan di bawah TEKUN.
  • Pengeluaran simpanan oleh Usahawan TEKUN.
  • Pembiayaan bertindih -:suntikan modal.

https://www.instagram.com/p/B-MB72RprKi/

MDEC

TECH RELIEF SOLUTIONS

In supporting the DigitalvsCovid movement, we have prepared an extensive list of Malaysian tech companies offering digital solutions/services that help mitigate COVID-19’s impact on the economy.

https://mdec.my/home/c19techrelief/

Penang State Government

A micro-loan scheme for small and medium enterprises of up to RM10,000 will be offered without interest, with a six-month repayment schedule.

http://penanglawancovid19.com/

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