Bank Negara has allocated RM800 million under a Rehabilitation Fund to provide new financing for small- and medium-sized enterprises (SMEs) that need to restructure their debts.
In a statement on Wednesday, the central bank announced the establishment of the fund and a new mechanism to facilitate the restructuring of NPLs of SMEs with on-going businesses.
A small debt resolution committee has been formed to undertake independent assessments on the viability of the businesses and propose the loan restructuring and financing requirements of the affected businesses. It said; "The SME special unit at Bank Negara Malaysia will serve as the secretariat to the committee."
Bank Negara said the new mechanism was open to SMEs with aggregate debts of not more than RM3 million with commercial finance companies, Islamic banks, Bank Pembangunan dan Infrastruktur and Bank Industri dan Teknologi.
