DFIs ready to help entrepreneurs when loan moratorium period ends — ADFIM

TheEdge Fri, Sep 18, 2020 08:44pm - 2 years View Original


KUALA LUMPUR (Sept 18): Development financial institutions (DFIs) have asked entrepreneurs not to wait until the moratorium period ends before seeking financial assistance.

Association of Development Financial Institutions Malaysia (ADFIM) secretary-general Mohd Prasad Hanif said all DFIs have contacted the entrepreneurs since last month to assist them by rescheduling and restructuring their loans.

He said however, only five percent of the entrepreneurs responded despite the moratorium ending on Sept 30.

"If bank customers or entrepreneurs encounter problems, please go to their respective DFIs. So far, only five percent have responded, we do not know what happened to the other 95 percent.

"If you delay, you will face long queues and stringent social (physical) distancing measures... (that) will add to the waiting time. So, it’s better to meet now, we have already announced when the moratorium ends as announced by the Prime Minister. Let's not wait until the last minute," he told Bernama TV's 'Ruang Bicara: Facing Post-Moratorium' programme last night.

DFIs are agencies or institutions owned by the Government whose objective is to provide financing for both credit loans and business advisory services.

Mohd Prasad said the Government’s efforts were implemented through DFIs that carried out the mandate diligently.

"Economic development and DFIs cannot be separated. The reason for its existence is for that (development) and it is not based on profits. They are there to help entrepreneurs.

"The main reason we want to help is to improve our key performance indicator (KPI), but it is not measured in terms of profits. The KPI is based the outcome, which is how many entrepreneurs have been created and assisted, as well as the amount of assistance that has been rendered," he added.

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