KUALA LUMPUR (Sept 24): RHB banking group announced today that it has provided more than RM20.3 billion in financial assistance throughout the Covid-19 pandemic and prolonged Movement Control Order (MCO) period to assist small and medium enterprises (SMEs) in bolstering their financial positions.

In a statement today, RHB said the RM20.3 billion in financial assistance comprises RM12 billion in repayment and assistance and more than RM8.3 billion in loans and financing facilities.

“These include facilitating the smooth delivery of government-led relief financing facilities such as the Special Relief Facility (SRF) and Targeted Relief and Recovery Facility (TRRF),” it added.

The banking group said it also continues to supplement wider recovery efforts through its own RHB BizPower Relief Financing (BRF) programme to provide even more SME business access to much-needed capital at affordable rates.

RHB noted that with the gradual re-opening of the economy, many SMEs in various industries continue to require additional assistance to sustain business operations.

In regards to this, the group said it has remained proactive in engaging directly with SME customers to better understand their concerns and expectations, and by playing an active role towards their recovery.

“As such, RHB had recently launched its Retailer SME Relief Financing Programme in partnership with shopping mall operators to provide a total of RM200 million in financing facilities with attractive terms to retailers impacted by the steep reduction in footfall in their respective shopping malls due to the MCO,” it added.

RHB banking group managing director of group community banking Jeffrey Ng said the group adopts a holistic approach to support and assist SMEs, by providing relief facilities and payment assistance, as well as working with its partners to enable SMEs to build financial resilience.

“Since the start of the pandemic, we have provided various Covid-19 related financing facilities to almost 10,000 SME customers amounting to RM3.4 billion, and as at Sept 22, 2021, the group has also provided repayment and payment assistance to close to 7,000 SMEs with loan and financing facilities totalling RM12 billion,” he added.

RHB assured that it will continue to reach out and provide financial support and other types of assistance to SME customers, including microenterprises, while actively driving the acceleration of local business activity in line with the gradual re-opening of the economy. 

At midday break today, RHB Bank Bhd’s share price slipped five sen or 0.91% to RM5.43, valuing the banking group at RM22.09 billion.