Loan rules being simplified for entrepreneurs

KUALA LUMPUR: The Entrepreneur and Cooperative Development Ministry will simplify lending procedures for entrepreneurs following various standard operating procedures (SOPs) to help start or resume their business.

Its minister Datuk Seri Dr Wan Junaidi Tuanku Jaafar said this was due to many companies being affected by the implementation of the Movement Control Order (MCO) and the Conditional MCO.

“We have asked the secretary-general of the ministry to do a review so that all the old processes which are complicated and time-consuming are (eliminated). I want to introduce new procedures so that we can simplify the assistance to traders.

“We have opened two bank channels and one cooperative as a financial source namely, Bank Rakyat, SME Bank Bhd and Tekun Nasional. When the economy is fully open, entrepreneurs can operate their businesses as quickly as possible,” he added.

Wan Junaidi said this after distributing 400 food packages donated by UDA Holdings Bhd (UDA) to Bernama employees here today.

Also present were UDA CEO Mohd Salem Kailany, Bernama chairman Suhaimi Sulaiman and editor-in-chief cum acting CEO Datuk Mokhtar Hussain.

To date, said the minister, SME Bank has received about 1,000 loan applications and this indicates that many companies are keen to source financial resources provided by the government.

“Many of the required methods and procedures have been simplified including the withdrawal process, and I have also advised Tekun Nasional not to delay the approval of loan applications,” he added.

Noting that many women entrepreneurs were also affected, Wan Junaidi said his ministry has distributed RM80 mil to assist the group through Tekun Nasional.

In the meantime, he stressed, he wants to see the widespread use of online business platforms such as e-commerce. – May 11, 2020, Bernama

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