Joint press release by ABM, ADFIM AND AIBIM - PENJANA Tourism Financing for SMEs and Micro Enterprises Open for Application at Participating Banks
KUALA LUMPUR, Thursday, 6 August 2020: Following the announcement of 30 July 2020 by the Ministry of Tourism, Arts and Culture (MoTAC) on the PENJANA Tourism Financing (PTF) to aid the tourism sector, The Association of Banks in Malaysia (ABM), Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) and Association of Development Finance Institutions of Malaysia (ADFIM) are pleased to announce that the applications for the PTF can now be submitted to the participating member banks.
The PTF, which is aimed at supporting Malaysian micro, small and medium enterprises (MSMEs) in the tourism sector by preserving their capacity and assisting them to adjust and remain viable post COVID-19, can be utilised for working capital and capital expenditure to enhance their business models and deploy new practices.
Malaysian MSMEs in the core tourism sector and tourism-related sectors which are either MSMEs as defined by SME Corp Malaysia, or MSMEs licensed by / registered with MoTAC are eligible to apply for the PTF. The eligible sectors in core tourism are tourism accommodation premises (e.g. budget hotels, registered homestays, chalets and resorts), travel agencies and tour operators, and transportation for tourists (e.g. bus, boat and car rental operators). Other eligible tourism related sectors includes medical tourism, Meetings, Incentives, Conference and Exhibition (MICE) ecosystem, money changing operators who mainly serve inbound and outbound tourists as well as tourism related retail, recreation and wellness businesses with significant reliance on tourists.
The PTF will be offered by the following 12 banks:-
- Affin Bank Berhad / Affin Islamic Bank Berhad
- Alliance Bank Malaysia Berhad / Alliance Islamic Bank Berhad
- AmBank (M) Berhad / AmBank Islamic Berhad
- Bank Islam Malaysia Berhad
- Bank Muamalat Malaysia Berhad
- Bank Simpanan Nasional
- CIMB Bank Berhad / CIMB Islamic Bank Berhad
- Hong Leong Bank Berhad / Hong Leong Islamic Bank Berhad
- Maybank Islamic Berhad
- Public Bank Berhad / Public Islamic Bank Berhad
- RHB Bank Berhad / RHB Islamic Bank Berhad
- Small Medium Enterprise Development Bank Malaysia Berhad (SME Bank)
To ensure the PTF benefits more MSMEs, the maximum financing amount is RM300,000 for eligible small and medium companies, and RM75,000 for eligible micro enterprises. In addition, the PTF will only be accessible to MSMEs that did not benefit from the Special Relief Facility (SRF) and/or the PENJANA SME Financing (PSF). Under the PTF, the financing rate will be up to 3.5% per annum for a financing period of up to 7 years. The PTF will also include at least 6 months’ repayment deferment to ease the cash flow of SMEs.
MSMEs interested in applying for the PTF can visit ABM, AIBIM, ADFIM and the participating financial institutions’ websites, or refer to the PTF electronic booklet, http://motac.gov.my/pengumuman/skim-pembiayaan-sektor-pelancongan-jana-semula-ekonomi-penjana, for further information.