SKM offers moratorium facility

KUALA LUMPUR: The Cooperative Commission of Malaysia (SKM) is offering a moratorium (Moratorium KPP 3.0) via its Revolving Capital Fund (TMPSKM) to help alleviate the financial burden of cooperatives affected by the Movement Control Order (MCO 3.0).

In a statement, the Ministry of Entrepreneur Development and Cooperatives (MEDAC) said 1,056 cooperatives nationwide stand to benefit from the moratorium facility.

As at April 30, 2021, there are 1,734 TMPSKM financing accounts with approved financing totalling RM1.66 billion.

Minister Datuk Seri Dr Wan Junaidi Tuanku Jaafar said the Moratorium KPP 3.0 facility under TMPSKM funding offers a loan repayment grace period of three months, starting June 1 until Aug 31, 2021.

The application process has also been simplified whereby eligible cooperatives would 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 cooperatives affected by the COVID-19 pandemic will only resume their loan repayments from Sept 1, 2021.

"The moratorium facility is offered to all cooperatives that have a financing account under TMPSKM, and as for cooperatives that have a financing account for their credit activities, the moratorium approval is subject to cooperatives that offer moratorium facilities to its members.

"MEDAC hopes that the Moratorium KPP 3.0 facility will help the cooperatives to continue their business activities and provide additional cash facilities for cooperative operations," he added.

-- BERNAMA