SUNWAY MALLS FACILITATE UP TO RM200 MLN WORKING CAPITAL TO ASSIST RETAILERS

KUALA LUMPUR, Aug 2 -- Sunway Malls is facilitating up to RM200 million in working capital to assist its retailers through financing facilities provided by RHB Banking Group and Credit Guarantee Corporation Malaysia Bhd (CGC).

The financing facilities under the Sunway Malls SME Retailers Relief Financing Programme will be made available to the mall group’s retailers across seven malls, Sunway Malls said in a statement today.

“Under this scheme, qualified retailers under Sunway Malls can apply for RHB financing facilities of up to RM500,000 with a loan tenure of seven years, whereby up to 80 per cent of the principal financing amount is guaranteed by CGC.

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“The programme will also incorporate an option for an overdraft facility of up to 30 per cent of the financing limit with one of the lowest interest rates in the market,” it said.

The company said the scheme is provided at a time when the small and medium enterprises (SMEs), including retailers, are facing extraordinary challenges with the majority of businesses operating in a restrictive environment.

“Many retailers are also unable to operate within the Movement Control Order (MCO) period. Through these financing facilities provided by RHB and guaranteed by CGC, retailers will receive the crucial working capital needed to support their business survivability during the various states of MCO imposed resulting from the prolonged COVID-19 pandemic,” it added.

Sunway Malls & Theme Park chief executive officer HC Chan said after 16 months into the pandemic, most retailers would have exhausted their reserves and savings, hence fresh and timely capital injection is important and urgent.

Though the landlord continues to extend rent relief assistance, he said there are other business costs that are still payable which only fresh working capital injection can address.

“Apart from availability, speed is also critical. Subject to fulfilment of pre-requisite criteria, applications will be fast-tracked with approvals being granted within 5-7 working days.

“We are indeed appreciative that RHB and CGC have stepped up during these challenging times to support this forward-thinking initiative with Sunway in delivering much-needed assistance to our retailers,” he added.

-- BERNAMA