KOTA KINABALU: Entrepreneurs and cooperatives affected by floods and landslides can apply for loan restructuring or a repayment deferment of up to six months.
Minister of Entrepreneur Development and Cooperatives Datuk Ewon Benedick confirmed the nationwide policy applies whenever a district or state is declared disaster-affected.
His ministry oversees seven financing agencies including Bank Rakyat, SME Bank, and TEKUN Nasional.
Affected parties must file a police report and notify their respective financing agency to qualify for the deferment.
Applicants must submit the police report and confirmation of disaster impact on their business premises as proof.
This policy has already been implemented in Sabah’s flood-hit districts like Penampang, Papar, Beaufort, and Sipitang.
The initiative aims to provide businesses with recovery space after suffering disaster-related losses. – Bernama