Kuskop postpones repayment of RM128.6 million for microcredit loans

09 Jan 2023 10:27pm
Image for illustrative purposes only - FILE PIX
Image for illustrative purposes only - FILE PIX
SHAH ALAM - The Entrepreneur Development and Cooperatives Ministry (Kuskop) has postponed loan payment to help reducethe burden of entrepreneurs affected by flood.

In a media statement today (Jan 9), the ministry has postponed repayments totalling RM128.6 million for microcredit and entrepreneurial loans involving micro, small and medium enterprises (PMKS) entrepreneurs in states affected by floods last month.

Its minister Datuk Ewon Benedick said the postponement would involve 65,596 PMKS entrepreneurs or borrowers in Kelantan, Terengganu, Pahang and Sabah.

The entrepreneurs who have been affected and have taken loans through agencies under Kuskop, can apply for deferment of up to six months.

Amanah Ikhtiar Malaysia (AIM), SME Corp Malaysia, TEKUN Nasional, Bank Rakyat and the Malaysian Cooperative Societies Commission (SKM) were among the agencies involved in this initiative.

Ewon said that the postponement of repayment of the loan was an initiative of the ministry to help ease the pressure and burden faced by cooperatives, micro, small and medium entrepreneurs in all the states involved.

Kuskop also said it would be implementing a post-flood food basket assistance programme in Kelantan and Terengganu for 1,100 households with an allocation of RM110,000.

Deputy Minister Saraswathy Kandasami and agencies in the ministry would be handing over the food baskets to flood victims on Jan 13.

Malaysian Cooperative Commission (SKM) is expected to offer aid through a Cooperative Emergency Aid Fund to 37 Cooperatives affected by flood with a allocation of RM1.1 million.
Related Articles:

Meanwhile, Tekun Nasional is set to open up application for rescheduling of loans, carry out withdrawal of savings. provide additional business capital and moratorium for three months involving 1799 Tekun entrepreneurs affected with a financial implication of RM2.15 million.

Furthermore, Bank Rakyat has planned a temporary postponement of monthly installment payments for a period of up to six months involving 35 PMKS with a financial implication of RM5.15 million.

SME Corp. Malaysia through the SMEEF 2.0 program will also be giving a 12-month moratorium with a total value of RM94.5 million approved for 1,001 SME entrepreneurs affected by the floods as well as aids channeled through MIDF.

Lsstly, Amanah Ikhtiar Malaysia (AIM) is offering a postponement for weekly repayment involving 62,724 participants with a financial implication of RM25.7 million besides an application for rescheduling (PJS) or a six-month moratorium.
More Like This