KOTA KINABALU, Sept 18 — Entrepreneurs and cooperatives affected by floods and landslides can apply for loan restructuring or a repayment deferment up to six months, said Entrepreneur Development and Cooperatives Minister Datuk Ewon Benedick.
The existing policy is implemented nationwide whenever a district or state is declared to be affected by disasters.
He said that his ministry has seven financing agencies: Bank Rakyat, SME Bank, Tekun Nasional, Amanah Ikhtiar Malaysia (AIM), the Cooperatives Commission of Malaysia (SKM), Perbadanan Nasional Berhad (Pernas), and SME Corp Malaysia.
"The affected entrepreneurs or cooperatives can apply for a repayment deferment, provided they make a police report and inform their respective financing agencies,” Ewon said in a statement today.
He added that the borrowers must then produce the police report and confirmation that their business premises are affected by disasters as proof for applying for the deferment to their respective agencies.
Ewon noted that this policy has been used in Sabah, particularly in the flood-hit districts, including Penampang, Papar, Beaufort, and Sipitang.
"We want to help and ensure entrepreneurs and cooperatives have the space to bounce back after facing losses due to disasters,” he said.
