• March 02, 2020
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Alliance Bank provides immediate financing facility to aid businesses

Alliance Bank Malaysia Berhad announced that it has made available special financing facility with immediate effect to assist small and medium enterprises (SMEs) impacted by the COVID-19 outbreak.

This immediate financing facility by Alliance Bank supports Bank Negara Malaysia’s Special Relief Facility announced last week, which has an allocation of $477 million (MYR 2 billion) and a financing rate capped at 3.75%.

Alliance Bank will provide a prompt, collateral-free financing facility of up to RM1 million per company to help meet the immediate working capital requirements of SMEs, and alleviate their short-term cash flow situation. Only basic documents are required for the loan application, and the funds will be disbursed in as fast as one working day.

“SMEs are the bedrock of the economy. We are committed to helping business owners weather these challenging times by providing financing that is fast and hassle free. Our bank’s relationship managers have been proactively engaging with existing clients from key industry sectors affected by this situation to understand their challenges and offer the right solutions,” said Alliance Bank’s Group chief executive officer, Mr. Joel Kornreich.

Alliance Bank had earlier announced relief measures for their customers impacted by COVID-19, which includes deferment of loan instalments or financing servicing, and loan restructuring and rescheduling for up to six months.

Re-disseminated by The Asian Banker