BSN gets RM700m to assist micro-entrepreneurs affected by Covid-19

CORONAVIRUS | Bank Simpanan Nasional (BSN) has received an allocation of RM700 million from the government for disbursement of loans and financing to assist micro-entrepreneurs affected by Covid-19 through the BSN Micro/i Kredit Prihatin.

Its chief executive officer, Yunos Abd Ghani said the financing is offered at two percent interest rate without collateral to all micro-entrepreneurs in various segments with the 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 or financing period of between one and five and a half 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 percent to four percent are also offered to customers for existing products and financing such as the special relief facility (SRF), agrofood facility (AF), and automation and digitalisation 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 by the 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

Keep up with the latest information on the outbreak in the country with Malaysiakini's free Covid-19 tracker.

Malaysiakini is providing free access to the most important updates on the coronavirus pandemic. You can find them here.

Help keep independent media alive - subscribe to Malaysiakini.