Easier for traders to apply for loans now

Datuk Seri Wan Junaidi Tuanku Jaafar

KUCHING: Entrepreneurs can heave a sigh of relief as it is much easier now to apply for loans under the Entrepreneur and Cooperative Development Ministry (Medac).

Its minister, Datuk Seri Wan Junaidi Tuanku Jaafar, said among the proactive steps taken based on the current situation were reducing bureaucracy in facilitating funding applications and approvals.

“Medac and its agencies are continuing to assist entrepreneurs by enhancing the products and services offered to small and medium enterprises (SMEs), micro businesses and cooperatives.

“Improvement of many proves that Medac and its agencies are aware of the current needs and will assist entrepreneurs affected by Covid-19. This in turn can further strengthen small and medium-sized enterprises in Malaysia,” he said in a statement released yesterday.

Wan Junaidi said the bureaucratic cut-down applies to four programmes under the ministry. Among them are Covid Business Recovery by Tekun Nasional, and Special Relief Facility (SRF) provided through SME Bank and Bank Rakyat.

Also included are Co-operative Development Fund by the Department of Co-operative Capital of Malaysia and Funding Scheme for Francaisor, Pra Francais and Francaisi by Perbadanan Nasional Berhad.

“We shall ensure that entrepreneurs receive proper support from the government in order to operate their businesses as normal as possible.

“It is important that the processes and procedures are simplified and refined so that access to financial facilities or services available more quickly and will have a positive impact on their business ventures.

“The success of these efforts will not only benefit the country, but will also help to develop the economy of the people,” he said.