Datuk Seri Dr Wan Junaidi Tuanku Jaafar

KUCHING: Over 90 per cent of the applications for moratorium extension were approved by finance agencies under the Entrepreneur Development and Cooperatives Ministry (Medac), said its minister Datuk Seri Wan Junaidi Tuanku Jaafar.

He said this was at a value of RM6.04 billion from 10,710 applications to Bank Rakyat, SME Bank, Tekun Nasional, Perbadanan Nasional Berhad (PNB) and Cooperatives Commission of Malaysia.

“Medac has responded to the Prime Minister’s call for an extension of the moratorium and targeted bank assistance to reduce the people’s financial burden following the end of the moratorium period on Sept 30, 2020.

“In this regard, financing agencies under Medac have taken proactive initiatives by seeking feedback on moratorium extension applications and targeted bank assistance from account owners, mainly involving small and medium enterprises (SMEs).

“As of Oct 8, a total of 18,670 moratorium extension applications and targeted bank assistance worth RM6.704 billion were received. From the total, 10,710 applications worth RM6.04bil or 90.15 per cent applications were approved.”

He said this in a statement issued on its moratorium extension initiative on Wednesday (Oct 14). Wan Junaidi said a total of 5,422 applications were rejected by Medac’s finance agencies.

“Among the factors are due to either the applicant’s income is not affected or they failed to provide proof of impaired income.

“This is as well as rescheduling/refinancing of Financing Payment by The Credit Counselling and Debt Management Agency or that the financing is overdue for more than 90 days with no source of repayment.

“From the total, only 1.7 per cent of rejected applications were from SMEs and the remaining 98.3 per cent were individual applications.

“Meanwhile, the remaining applications of 2,538 with a value of RM41.4mil or 0.57 per cent are still in process and consideration by the agency.”

Wan Junaidi said Medac had given and would continue to provide unwavering commitment in its efforts to empower the entrepreneurial ecosystem in line with the National Entrepreneurship Policy 2030.