BUSINESSES MUST PREP FOR POST-MORATORIUM
Owners can seek advice from ADFIM on meeting loan obligations
BUSINESSES must ensure that they are financially prepared to make payments once the loan moratorium ends in September, said Association of Development Financial Institution of Malaysia (ADFIM) secretary-general Mohd Prasad Hanif.
He said companies that had applied for the loan moratorium needed to refine their business models to keep up with the challenges brought about by the Covid-19 pandemic.
He said failing to do so would expose them to risks such as lower sales and declining cash flows.
“In addition, consumers’ buying power is likely to decline post-Covid-19 pandemic and businesses must adapt to this ‘new normal’,” he added.
Prasad urged business owners to get advisory services from the Entrepreneur Development Division or any institution that is a member of ADFIM.
He said these included the Centre for Entrepreneur Development and Research, Technopreneur Training Academy, Mara Entrepreneur Development Division, Perbadanan Nasional Bhd’s Franchise Institute and Agrobank Centre for Excellence.
“They must not hesitate to seek advice as ADFIM members are committed to providing assistance and support,” he added.