With the intensification of the 2019 Coronavirus (COVID-19) epidemic, the market economy has fluctuated. During this period, small and medium-sized enterprises（SMEs）are bearing the brunt. Unlike large-capitalised large enterprises, they may encounter cash flow interruptions at any time. To assist businesses and families affected by the epidemic, Bank Negara Malaysia (BNM) has allocated RM3.3 billion in financing facilities to support the continued operations of SMEs, protect employment, and promote domestic investment.
BNM announced three types of financing facility that SMEs can apply for: Special Relief Facility (SRF), Agrofood Facility (AF), and SME Automation and Digital Facility (ADF). In addition, financial institutions are also committed to supporting affected businesses and households. Approximately RM200 billion for business and home financing is expected to be approved in 2020.
FEATURES OF BNM’S FACILITIES TO ASSIST MALAYSIA SMEs:
The impacted industries are:
- Travel & Tourism
- Retail
- Hospitality
- Food & beverage
- Enterprise affected by Supply chain
A crisis is both a problem and an opportunity. The negative impact of the new COVID-19 epidemic for some industries and enterprises is unavoidable, but if proper solutions are implemented, companies can withstand the storm and improve their financial and business management performance, enhance competitiveness, and step up to another level.
SMEs can collaborate with banks in accordance with relevant facilities available to reduce the negative impact of COVID-19 and cash flows pressure. Cheng & Co, as a one-stop professional centre, is prepared to provide critical advice and appropriate solutions on these facilities so that SMEs can utilise them and take advantage of the opportunities to move forward.
If you have any enquiries, please do contact us, enquiry@chengco.com.my.
