Are The Financial Institutions Keeping Up With The Special Fund Relief?

Let’s talk about Special Relief Fund today. I saw with intensed until my two eye balls also “terbeliak” roll over.

The SRF has been increased from RM 2bil to RM 5bil today to provide more relief to SME. Then the All Economic Sectors Facility (AES) has been increased from RM 5.8bil to RM 6.8bil and the rest of the interest has also been reduced.

Then I call a friend who works for bank to verify this latest stimulus package. Reality is different than what is always written on paper.

This is the conversation details: “Initially SME is defined as company with paid-up capital less than RM5 mil, now even that has been relaxed, any company that has paid-up more than 5mil to 30mil also can apply. The SRF announced by PM is for real, no joke. All banks have gotten directives from BNM early this morning that they have to fast track all applications and money has to be disperse within 1 week after approval (processing also limit to 3 days). Even that agreement is not going through lawyer and only use internal facility documents for borrowers to sign then the loan money will be released. Another thing is, NO NEED COLLATERAL, loan is 80% guaranteed by CGC and 20% by directors plus 6 months moratorium, and interest is at 3.5%. However, loan amount is limit to RM1 mil per applicant.”

So the question is what happen to all the banks? Many SME owner went to the banks to apply and even called their banker. The answer is office close please wait until 15 April. Processing department close. People can you believed this? Back office work which can be done remotely is closed! What kind of banking standard is this? These processing units don’t even need to be in office physically but they can work remotely. Do they live in 2020 with technological advances or in 1999 when internet modem was at 368 kb/s?

A person whom I know who owns mutiple retail chain stores also commented that one of the bank that he had account with had board meeting yesterday but nothing to do with Covid but other issues. What issues he didn’t specify. So what is stopping the bank from having e-meeting to carve out and roll out processes and guide the bank employee to discharge the loan application immediately?

Mau tunggu sampai bila? Tunggu sampai company bankrupt baru buat ke or wait until 15 April when the bank reopen then only do? What happen if MOC extended? Can the employer tell the employee or supplier pls don’t see me, see me at the bank because processing haven’t done yet?

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