What support is available for SMEs during the full lockdown?

Question

Accepted Answer

Targeted Repayment Assistance (TRA) Expanded for SMEs During Full Lockdown

Small and medium-sized enterprises (SMEs) facing operational restrictions during the full-scale lockdown are eligible for expanded support through the Targeted Repayment Assistance (TRA) programme. This initiative, spearheaded by the Association of Banks in Malaysia (ABM), allows affected businesses to engage with their banks to select suitable repayment options. The programme is designed to automatically approve applications from borrowers who meet ABM's criteria, such as experiencing a reduction in income.
Loan Deferment and Installment Reductions

For individuals who have experienced job loss, specific relief measures are available. These include an automatic three-month deferment of loan payments or a 50% reduction in monthly installments for a period of six months. These options are accessible by contacting their respective banks to initiate the process.
Customized Rescheduling and Restructuring Schemes

Beyond the specific options for the unemployed, all other borrowers affected by the lockdown, including SMEs, can avail themselves of customized rescheduling and restructuring schemes. Member banks are offering these bespoke solutions to alleviate financial burdens and provide tailored support based on individual circumstances.
Simplified Application Process and Credit Record Protection

ABM has streamlined the TRA application process, enabling borrowers to apply online, over the phone, or at bank branches, with advice to check bank websites for updated operating hours. Crucially, borrowers receiving TRA in 2021 will have their records in the Central Credit Reference Information System (CCRIS) unaffected, safeguarding their future credit profiles.
Additional Support from AKPK

The Credit Counseling and Management Agency (AKPK) provides further assistance, offering advice and guidance on debt restructuring options. Microenterprises specifically can benefit from AKPK's dedicated micro business helpdesk, which offers free financial advice and facilitates applications for repayment assistance. Borrowers are strongly cautioned to only use official bank channels for applications and to avoid third-party agents.

Reading history

Hide →

This history is cleared when the page is closed.

What support is available for SMEs during the full lockdown?

Loading

Was this article helpful?

Helpful

Not helpful

Report an issue

1

0

0

Share with friends