Many small and medium enterprises have been impacted by the economic standstill caused by various movement control orders to stem the spread of the Covid-19 pandemic.
In an October 2020 report by The Edge Markets, the SME Association of Malaysia carried out a survey among 1,713 members and found out that 20% of its respondents were considering permanently shuttering their business in the next six months.
The survey also revealed that 22% of the respondents only have sufficient cash flow to last them for a month.
If your business is in need of cash flow, you may want to consider applying for the CIMB Financial Relief Assistance for SMEs. It features a variety of relief measures that cater to different types of enterprises.
Need help with your existing financing payment? Applying for PAP could be the ideal solution.
Types of financing / How can this help my enterprise:
Am I eligible? Yes, if:
Availability: Until 30 June 2021
Other benefits:
Required documents: Latest 6 months’ bank statement
Applying for PAP could be the ideal solution if your business needs help with its existing financing payment.
A helping hand for microenterprise customers.
Types of financing:
Am I eligible?
Yes, if you are a Micro SME with a sales turnover below RM300,000 or less than 5 full-time employees. Your financing amount must also be less than RM150,000.
Availability:
Until 30 June 2021
Required documents:
No supportive documents are required to prove your eligibility. The application process will depend on the bank’s internal data and customer declaration.
Need to boost your working capital? This could be just what your business needs.
Types of financing:
For your working capital only. It’s not for the refinancing of existing credit/financing facilities.
Am I eligible?
Yes, if your SME is owned and controlled by Malaysians who hold a minimum 50% shareholding.
Availability:
From July 2020 onwards or until the available limit has been exhausted
Terms:
Required documents:
The Penjana SME Financing Scheme can help to boost your working capital.
Were your revenues affected by the reintroduction of targeted movement control orders since June 2020? This facility can boost your working capital.
Types of financing:
Working capital
Tenure:
Up to 7 years, including a 6 months moratorium on monthly instalments
Maximum financing amount:
Up to RM500,000 per SME
Note: The above is applicable for associated companies for SMEs with common shareholder(s) i.e. with less than 20% shareholding.
Interest/Profit rate:
Up to 3.5% p.a. (Inclusive of Guarantee Fees.)
Additional features:
The facility will be guaranteed by Credit Guarantee Corporation Malaysia Berhad (CGC)/ Syarikat Jaminan Pembiayaan Perniagaan Berhad (SJPP) of up to 80%. Guarantee fees are to be borne by the Bank.
Am I eligible?
Yes, if you are an SME in targeted vulnerable sectors such as personal services, food and beverage services, human health and social work, arts, entertainment and recreation subsectors.
Availability:
December 2021 or exhaustion of TRRF fund, whichever comes first
Required documents:
Latest 6 months’ bank statement (not required if CIMB is your main bank)
If your revenues were affected by targeted movement control orders, TRRF can give your working capital a boost.
With the upcoming launch of CIMB’s new enhanced virtual assistant, VOX, your application process will be much easier in the future. Equipped with the latest financing AI, VOX can help answer your questions regarding the Financial Relief Assistance for SMEs. Stay tuned for further updates!
The CIMB Business Call Centre is also reachable via phone calls. For SME customers, please call CIMB's Business Call Centre at 1 300 888 828. For non-SME and corporate customers, please contact your Relationship Manager to make the necessary arrangement.
You can also visit www.cimb.com.my/frap to access more details about the eligibility requirements and FAQs for the Financial Relief Assistance for SMEs.