KUALA LUMPUR – CIMB Bank Berhad and CIMB Islamic Bank Berhad are extending their COVID-19 relief programmes to include financing for SMEs and larger businesses, in support of the Government’s efforts to assist businesses during this difficult time.
The Bank is working together with Syarikat Jaminan Pembiayaan Perniagaan Berhad (SJPP) and Danajamin Nasional Berhad (Danajamin) in the roll out of SJPP Government Guarantee Scheme COVID-19 (GGS Prihatin) and Danajamin PRIHATIN Guarantee Scheme (DPGS) respectively.
The two additional programmes complement the assistance provided by CIMB to mid-sized SMEs through BNM’s Special Relief Facility (SRF) in the early stages of the pandemic.
The GGS Prihatin is open to SMEs requiring working capital and capital expenditure financing starting from RM75,000 up to RM20 million. SJPP provides an 80% guarantee coverage of up to 10 years.
Applications are open until 31 December 2020 or until the scheme limit of RM6 billion is fully utilised. Malaysian SMEs in all sectors are eligible for this scheme.
Larger businesses incorporated and based in Malaysia who have been adversely impacted by COVID-19 may find better support for their capital requirements under DPGS. A minimum financing facility of RM20 million is to be offered by a bank, with the DPGS providing a guarantee coverage of up to 80% under this facility.
The tenure of guarantee coverage is up to 5 years and applications are open until 31 December 2020, or until the RM50 billion scheme is fully utilised.
Conventional or Islamic financing is available for both schemes. For more information, businesses can contact their relationship managers at CIMB, or visit any of the CIMB business centres throughout Malaysia. They can also contact the CIMB Business Call Center at 1300-888-828 (Local) or +603 2297 3000 (Overseas).
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