Bank Simpanan Nasional (BSN) received an allocation of RM700 million from the government to handle loans or finances to micro entrepreneurs affected by the COVID-19 outbreak through BSN Micro / i Concerned Credit. BSN chief executive officer Datuk Yunos Abd Ghani said the financing offered a two per cent interest-free loan to all micro entrepreneurs in various segments provided that the terms of the loan had a minimum of six months of operation compared to the previous qualification of one year.

He said to facilitate micro entrepreneurs to continue their business, the financing amount was also increased from a maximum of RM50,000 to RM75,000 per entrepreneur with a loan / financing period of one to 5.5 years.

“For entrepreneurs applying for BSN Micro / i Concerned Credit is also given a six-month moratorium on monthly installment payments.

“At the same time, rates of as low as 3.5 per cent to 4.00 per cent are also offered to customers for existing products and financing such as Special Assistance (SRF), Food Agro (AF) and Automation and Recovery (ADF) facilities,” he said in a statement .

Yunos said BSN's role was to support the government's initiative and concern in providing assistance to Malaysians affected by the COVID-19 outbreak through several recently announced economic stimulus packages.

He said the stimulus package was crucial in helping stimulate the economy as the government hoped, especially for micro, small and medium entrepreneurs, to help ease their cash flow and continue their business.

“Although we have offered various initiatives as above, BSN also automatically announces a moratorium on all loans and eligible customers without compounding interest for existing conventional loans.

"We hope that the assistance that BSN offers will ease the burden and help Malaysians in this difficult time," he said. For more information, customers can contact BSN Customer Contact Center at 1-300-88-1900.