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 Entrepreneur Development and Cooperatives Ministry (Medac) said 1,056 cooperatives nationwide stand to benefit from the moratorium facility.
As at April 30, there are 1,734 TMPSKM financing accounts with approved financing totalling RM1.66 billion.
Minister Datuk Seri Wan Junaidi Tuanku Jaafar said the Moratorium KPP 3.0 facility funding offers a loan repayment grace period of three months, starting June 1 until August 31 this year.
The application process has also been simplified, with eligible cooperatives only needing 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 pandemic will only resume their loan repayments from September 1, this year.
“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 continue their business activities and provide additional cash facilities for cooperative operations,” he added. – Bernama, June 7, 2021
