List of Malaysian Banks Providing COVID-19 Special Relief Facility (SRF)

“TRUST US, WE UNDERSTAND”

To all business owners in Malaysia, especially those who are struggling now due to tight cash flow situation.

Covid-19 crisis is a wake up call for all business owners (including us). Ask around, how many businesses have enough cash flow to sustain for another 3-6 months? Majority of the business in Malaysia are SMEs and micro-businesses.

Whether you are a fast growing business or a multi-billion dollar business, this crisis will force businesses to transform regardless of industry. So please hold yourself together! Take lead and start taking action to keep your business alive.

For business owners who solely depend on offline strategy to generate sales, you may wonder why so many business owners are still able to generate sales during the Movement Control Order (MCO) while you are struggling to do so? That is because they have online presence and is using it to reach out to their target market. Website is the common channel used. If you still don’t have a website or if your website is filled with outdated contents, let us help – check out our Web Design and Development service

Overview about the Covid-19 Special Relief Facility (SRF)

BNM has on 27 February 2020 announced the allocation of a RM2.0 billion Special Relief Facility (SRF) to alleviate the financial burden and assist in the resumption of business operations of the SMEs affected by the recent COVID-19 outbreak outbreak, effective from 6th March 2020 to 31st December 2020.

Updated on 18.01.2021 – BNM has introduce a new and enhanced financing facilities for SMEs affected by COVID-19. Find out more information from BNM website.

THE PURPOSE OF THIS ARTICLE

We have compiled a list of Malaysian banks providing the Covid-19 Special Relief Facilities (SRF) so that you don’t have to waste valuable time search for information online.

The information required and approval criteria(s) may be different depending on the bank. To apply, there are at least three (3) ways to submit your details to the bank(s):

1. Submit through the bank website (the link is provided below)
2. Download the form > Print form > Fill up form > Scan form > Email (or submit through the website)
3. Call the bank

The bank require the following details so that they can contact you:

• Your full name (as per NRIC)
• Your email address
• Your mobile number
• Your company name (as per SSM)
• Your company number (as per SSM)
• Your business address
• State (i.e. Selangor)

Disclaimer: 

• We are not representing the banks and/or BNM.
• We created this post with the intention to share our findings about the Special Relief Facilities (SRF) to help the Malaysian entrepreneurs. We hope these information is helpful because by helping the businesses, we may be able to save some jobs so that people can still provide food to their family! 
• You are advise to do further and thorough research on the bank’s website. 

List of Malaysian Banks Providing COVID-19 SPECIAL RELIEF FACILITY (SRF)

Example of the criterias to apply:

Scheme name:

• BNM Special Relief Fund – COVID-19 (effective 6 March 2020)

Eligibility: 

• Malaysian SMEs adversely affected by COVID-19
• Business registered with the Companies Commission of Malaysia (SSM), authorities/district offices in Sabah and Sarawak or statutory bodies for professional service providers;
• Malaysian residing in Malaysia with minimum 51% shareholding in the SMEs;
• Maximum shareholders fund not exceeding RM5 Million; and
• Business shareholding by Public Listed Companies and Government Linked Companies (if any) in the SMEs shall not exceed 20%.

Note: “SMEs” per BNM and SME Corp Malaysia definition

Purpose of Financing:

• Working capital

Note: Financing shall not be used to refinance existing credit /financing facilities.

Financing Rate:

• Up to 3.75% p.a. (inclusive of guarantee fee of 0.5% p.a.)

Financing Limit:

• Max of RM1 million per SME, inclusive of financing to related companies that have common shareholder(s)*

Guarantee Coverage:

• Up to 80% guarantee coverage by CGC / SJPP

Facility Type:

• Term Loan

Maximum Tenure:

• Up to 5.5 years from the date of the first drawdown (including a moratorium period of 6 months on both principal and interest/profit payments).

Collateral:

• No collateral shall be required from SMEs under this Facility.

Availability Period:

• 6 Mar 2020 to 31 Dec 2020

Document Required:

• Min 6 months bank statements
• Business registration docs
• Copy of IC of directors / partners / shareholders

*Note:

• The final approved financing limit for all applications is subject to BNM approvals.
• Every bank have their own criteria, you are advised to verify the information from the bank website directly.

Thank you for reading this article.

How much you can borrow in the end depends on the bank and/or BNM’s approval. You may or may not get get the sum you expected, but understand it is better than nothing. Plan and allocate the resources well as not all every application is approved in the end.

If you find this article useful, please share with your friends and family if you think it can help them. We know this is a tough time and it is not easy. Please know that we are with you. Keep fighting and keep building!

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This article was last updated on 01.09.2023.