SME Development Finance Corporation SDFC says applications for its loan moratorium extension is set to open on the 7th of September.
In an announcement, SDFC said it had decided to extend the moratorium on all loans starting from September till the end of this year as customers are finding it difficult to pay for the loans amid the economic crisis brought on by the COVID-19 pandemic.
It also said that SDFC customers can apply for the moratorium on the 7th of September and that during the moratorium interest of the loan would remain unchanged as before.
The Bank also said that it would prioritize assisting Micro-, Small and Medium-sized Enterprises (MSMEs) overcome the financial difficulties brought on them by the COVID-19 pandemic.
Yesterday, Economic Minister Fayyaz Ismail had welcomed SDFC’s decision to extend the loan moratoriums and had said that he hoped that other bigger banks would follow suit amid the economic downfall brought on by the COVID-19 pandemic which has all but devastated the country’s economy.