Financing Assistance to SMEs Affected by COVID-19

HLB will assist its SME customers through Bank Negara Malaysia’s Special Relief Facility
to ease their burden amidst these challenging times

Kuala Lumpur, 18 March 2020 

Hong Leong Bank Berhad (‘HLB’ or ‘the Bank’) will be assisting its small and medium enterprises customers (SMEs) which are adversely affected by the COVID-19 outbreak to sustain their business operations through Bank Negara Malaysia’s (BNM) Special Relief Facility (SRF) that has a an industry wide RM2 billion allocation.

Through the SRF, eligible SMEs stand to receive financing of up to RM1 million per SME - no collateral required and for a term loan up to 5.5 years with a financing rate capped at 3.75 per cent per annum. This financing facility is inclusive of financing to related companies that have common shareholder(s) with an 80 per cent guarantee by the Credit Guarantee Corporation (CGC) or Syarikat Jaminan Pembiayaan Perniagaan (SJPP).

The Bank has also previously put in place a Customer Financial Relief Plan that offers COVID-19 affected SMEs and as well as individual customers options to restructure or reschedule loans and financing to help with short-term cash-flow situation.

Domenic Fuda, Group Managing Director and Chief Executive Officer of HLB shared that SMEs are especially vulnerable in terms of managing their cash flow in situations of economic and business disruptions.

“SMEs are the main driver of our economy and we are here to help ease the burden that our SME customers are presently facing. Along with the latest OPR reduction and the Bank’s Customer Financial Relief Plan, BNM’s SRF will provide much needed relief for SMEs currently experiencing cash flow issues and give them an opportunity to shore up resources, so that they can bounce back faster as soon as the situation improves,” said Fuda.

To apply for the Special Relief Facility, HLB’s customers can contact 603- 7626 8899, email: HLonline@hlbb.hongleong.com.my or visit any HLB bank branch nationwide. The SRF is available from now until 31 December 2020.