Malaysia

SME Bank offers six-month deferment to 59 flood-hit entrepreneurs

It is also waiving two months’ rent for 41 affected factories, says Tan Sri Noh Omar

Updated 4 years ago · Published on 19 Jan 2022 6:25PM

SME Bank offers six-month deferment to 59 flood-hit entrepreneurs — Entrepreneur Development and Cooperatives Minister Tan Sri Noh Omar says the tenure of deferment for all 59 small and medium enterprise entrepreneurs is until September 2022. – Bernama pic, January 19, 2022

KUALA LUMPUR – SME Bank is deferring payments for six months for 59 flood victims, involving RM146 million under the SME Bank flood relief programme.

Entrepreneur Development and Cooperatives Minister Tan Sri Noh Omar said the tenure of deferment for all 59 small and medium enterprise (SME) entrepreneurs is until September 2022.

“The number of entrepreneurs may increase based on the number of customers who may be affected in the event of another wave of floods in the near future,” he said in a joint statement between the Entrepreneur Development and Cooperatives Ministry and SME Bank today.

Noh said the bank is also providing rental waivers for 41 SME factories at the SME Bank Shah Alam Entrepreneur Premises Complex affected by the floods.

“The rental payment waiver initiative amounting to RM230,000 is for a period of two months from January to February 2022,” he said

Noh said the SME Bank flood relief programme is available from January 1 to March 31, 2022.

The bank is also offering various forms of financing aid to affected entrepreneurs, he said, adding that its proactive action to provide assistance to affected SMEs is in line with the government’s mandate.

“We want to ensure that not a single victim of this calamity is left behind from receiving support and assistance so that they can revive and continue their businesses,” he said.

Meanwhile, SME Bank group president and chief executive officer Aria Putera Ismail said the bank has also channelled contributions worth more than RM100,000 through collaborations with the ministry and Islamic Relief Malaysia (IRM).

He said cash amounting to RM100,000 was distributed to the ministry’s Entrepreneur and Cooperative Fund, including RM20,000 for initiatives implemented by IRM.

Aria said SME Bank subsidiary Centre for Entrepreneur Development and Research Sdn Bhd is also ready to provide advisory services on business plan restructuring, and other entrepreneur development programmes to enable entrepreneurs to resume operations as soon as the situation recovers. – Bernama, January 19, 2022