BNM’s Fund for SMEs: TRRF and MEF to further aid SMEs and micro enterprises

Updated: Dec 11, 2020



Bank Negara Malaysia will establish an additional RM2 billion financing facilities under Targeted Relief and Recovery Facility (TRRF) to provide relief and support recovery for small and medium enterprise (SMEs).


The facility is for eligible SMEs whose revenues have been affected by the recent enhanced and conditional movement control orders, the central bank said in a statement.


In addition, SMEs in targeted vulnerable sectors, namely personal services, food and beverage services, human health and social work, arts, entertainment and recreation subsectors, will also be eligible for the TRRF.


Offered at a concessionary rate of up to 3.5 per cent, the TRRF will be available through participating financial institutions, with guarantee coverage by Syarikat Jaminan Pembiayaan Perniagaan (SJPP) and Credit Guarantee Corporation (CGC). Tenure Up to 7 years, with at least 6 months moratorium on monthly instalments


The facility will be open for applications from December 1, 2020 until Dec 31, 2021, or until it is fully utilised.


Apart from that, the Micro Enterprises Facility (MEF) has been enhanced to improve access to credit for micro enterprises to include self-employed individuals, gig workers on digital platforms and participants of the iTEKAD programme, which is a social financing programme that supports micro entrepreneurs from the B40 segment.


The central bank also said that the MEF has been increased from RM300 mil to RM410 mil, with an available balance of RM200 mil.


Eligible micro enterprises can obtain financing of up to RM50,000 for working capital and capital expenditure purposes.


The financing rate will be determined by the PFIs, adding that PFIs can also seek guarantee coverage from CGC or SJPP for this facility.


“Interested SMEs can apply for the TRRF directly from PFIs, which comprise commercial banks, Islamic banks and development financial institutions regulated by BNM via their websites or by visiting the PFIs’ branches.


“For the MEF, interested micro enterprises can apply directly to PFIs under the Skim Pembiayaan Mikro,” said BNM.


For more information click here

Other Link:
Products:
  • Pinterest Social Icon
  • LinkedIn Social Icon
  • Facebook Social Icon
  • YouTube Social  Icon
  • Instagram Social Icon
Join out Social Network :
Policies :​

Grab this exclusive E-book  (FREE Download For The Next 10 Days Only!) 

Hunting Line: 603-9082 4988 
Office Tel: 603-9771 2299

Level 3A, Sunway Visio Tower 

Lingkaran SV

Sunway Velocity

55100 Kuala Lumpur

Malaysia.

© 2020 Standardlink SMI Consultancy, All Rights Reserved. Created by SMIFunding