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.
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
SME Automation and Digitalisation Facility
RM300 million available as loans
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
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.
Up to 5 years and 6 months (including a moratorium period of 6 months on both principal and profit)
BizWanita-i is a direct financing scheme to cater specifically for women entrepreneurs that business is less than 4 years in operations utilising the BNM’s Fund for SMEs – All Economic Sectors (AES) Facility.
The funds are designed to facilitate greater access to financing for viable SMEs.
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In light of the COVID-19 Pandemic, getting through these uncertain times is a major worry for startups and access to investor is the biggest challenge that they will have to contend with. In response to this, KK Fund, the Singapore-headquartered venture capital fund is partnering with MDEC & BEAMSTART to launch and power the "Meet your Match Malaysia" initiative where Malaysian-based startups will be matched with investors during this COVID-19 pandemic.
This initiative will provide a much-needed avenue of funding for many Malaysian-based startups and it has already signed on more than 70 investors to participate and support the Malaysian startup ecosystem.