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SME Bank absorbs RM3.45m rental fees to assist SMEs affected by Covid-19

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 A total of 230 tenants of SME Bank’s Entrepreneur Premises Complex are now exempted from paying the rent during the moratorium period from April to September 2020 as SME Bank has taken the initiative to absorb the rental cost.

The Ministry of Entrepreneur Development and Cooperatives (Medac) said in a statement today the tenants will also be given a 50 per cent reduction in rental payments for the next six months, effective from October 2020 to March 2021.

Minister Datuk Seri Wan Junaidi Tuanku Jaafar said the rental payment exemption initiative for the period from April to September 2020 will provide the entrepreneurs with operating cost savings of RM2.3 million, while the 50 per cent discount on rental payments for the next six months will provide savings of more than RM1.15 million to the tenants.

The steps taken by SME Bank are in line with the announcement of 29 short- and medium-term initiatives undertaken by Medac to assist more than 20,000 SME entrepreneurs to improve their business performance after being affected by Covid-19, he said.

Meanwhile, group president/chief executive officer Aria Putera Ismail said to simplify the process, the initiative will be carried out automatically.

“For tenants who continue to pay during this moratorium period, their payment will be carried forward. SME Bank has been very proactive in ensuring that the assistance can be provided quickly and efficiently to SMEs affected by the Covid-19 pandemic,” he said.

SME Bank has offered the SME Relief Programme (SRP) to alleviate the financial burden of targeted SME entrepreneurs, allocated funds worth RM2.1 billion for the SME Go Scheme and SME Technology Transformation Fund (STTF) under Penjana, and provides various funds as announced by the government through Prihatin such as the Special Relief Facility (SRF), Agrofood Facility (AF), Automation and Digitalisation Facilities (ADF) and All Economic Sectors (AES) Facility.

More information is available via the Customer Contact Centre at 03-26037700. ― Bernama