SKM offers moratorium to cooperatives affected by MCO

Dato Sri Dr Wan Junaidi Tuanku Jaafar (file pic)

KUCHING, June 7: The Malaysia Co-operative Societies Commission (SKM) is offering a moratorium via its Revolving Capital Fund (TMPSKM) to help alleviate the financial burden of cooperatives affected by the current Movement Control Order (MCO 3.0).

A total of 1,056 cooperatives nationwide are expected to benefit from the moratorium.

As of April 30, the total financing account of TMPSKM is 1,734 with total financing approval worth RM1.66 billion.

Entrepreneur Development and Cooperatives (Medac) Minister Dato Sri Dr Wan Junaidi Tuanku Jaafar said the moratorium facility is continued by offering a loan repayment deferment period for three months starting June 1 until Aug 31.

“The application process has been simplified where eligible cooperatives only need to submit supporting documents, namely their official application, receipts and payment statements and bank statements for a period of three months online,” he said in a statement today.

Cooperatives affected by the Covid-19 pandemic will only make loan repayments starting Sept 1 onwards.

The moratorium facility is offered to all cooperatives which have a financing account under TMPSKM. However, for cooperatives that have financing accounts for credit activities, the approval of the moratorium is subject to cooperatives that offer moratorium facilities to its members.

“Medac hopes that the moratorium facility will help the cooperatives to continue their business activities and provide additional cash facilities for cooperatives’ operations,” he added. — DayakDaily