Maybank is offering a Special Relief Fund which is catered to help SMEs which are being affected by the COVID-19 pandemic. As the government of Malaysia announced the MCO (Movement Control Order), many of the SMEs across the country have been affected due to closure of the business.
Financial assistance at the time of need
SMEs from across Malaysia can apply for this fund which comes into effect starting 6 March 2020. It is catered to help SMEs relieve their financial burdens. Besides that, it would help them resume business after the MCO is lifted.
Eligibility for application
For the SME to be eligible for this facility, it must fulfill the following requirements:
- Registered SMEs with the SSM (Companies Commission of Malaysia) or related agencies that have been adversely affected by the COVID-19 pandemic.
- Minimum of 51% owned by Malaysians
Terms of loan provided
The Special Relief Fund is offered between 6 March until 31 December 2020. Any registered SME can apply for this fund which can be used as working or operational capital.
- Loan amount – SMEs can apply between RM20,000 and RM1,000,000
- Collateral – No collaterals will be required for application
- Term – The term of the loan can be up to 5.5 years or 66 months. This is inclusive of the 6 months moratorium. In other words, the applicant does not need to payback in the first 6 months.
- Interest rate: 3.5% per annum
- Funds: A total of RM5 billion is available under the pool