BSN GETS RM700 MLN TO ASSIST COVID-19-HIT MICRO-ENTREPRENEURS

KUALA LUMPUR, March 31 -- Bank Simpanan Nasional (BSN) has received an allocation of RM700 million from the government for disbursement of loans/ financing to COVID-19-hit micro-entrepreneurs through the BSN Micro/i Kredit Prihatin.

Its chief executive officer, Datuk Yunos Abd Ghani said the financing is offered at two per cent interest rate without collateral to all micro-entrepreneurs in various segments on condition that they have been in business for at least six months, instead of one year previously.

He said to enable micro-entrepreneurs to continue their business, the maximum financing amount was also increased from RM50,000 to RM75,000 for each entrepreneur with a loan/ financing period of between one and 5.5 years.

"Entrepreneurs applying for BSN Micro/i Kredit Prihatin are also given a six-month moratorium on monthly installment payments.

"At the same time, the rates at as low as 3.5 per cent to 4.00 per cent are also offered to customers for existing products and financing such as the Special Relief Facility (SRF), Agrofood Facility (AF), and Automation and Digitalization Facility (ADF)," he said in a statement today.

Yunos said BSN's role is to support the government's initiatives and concern in providing assistance to Malaysians affected by COVID-19 through several measures underlined in a few economic stimulus packages announced recently.

He said while the stimulus packages were vital in stimulating the economy as envisioned by the government, they were also eagerly awaited by all, especially micro-, small and medium entrepreneurs to facilitate their cash flow and business continuity.

“While offering various initiatives as mentioned, BSN has also announced automatic moratorium for all loans and to customers who meet the conditions specified without compounding interest for existing conventional loans.

“We hope that the assistance offered by BSN would help ease the burden of Malaysians in these difficult times," he added.

For more information, call the BSN Customer Contact Centre at 1-300-88-1900.

-- BERNAMA