‘Practical to involve more banks to give out loans’

Date:

KUCHING: The expansion of interest-free soft loans for small-medium enterprises (SMEs) under the Sarawakku Sayang Special Aid (BKSS) 2.0 by getting more banks involved is a practical approach, said Jonathan Chai Voon Tok.

The Kuching Chinese General Chamber of Commerce and Industry (KCGCCI) secretary-general when contacted yesterday said, “This would benefit a wider spectrum of SMEs which have obtained their special relief facilities from the banks which are now included in the list.”

He commended the state government for being receptive to the appeal from the local business community regarding the expansion of the facility to have more banks.

Now, in addition to Maybank, Hong Leong Bank, and RHB Bank, four more commercial banks have agreed to participate, namely, CIMB Bank, Public Bank, SME Bank, and Bank Muamalat.

He reiterated that the interest-free loans totalling up to RM1 billion were made available through this scheme which is coordinated by the Ministry of International Trade, Industrial Terminal and Entrepreneur Development in collaboration with the seven participating banks under Bank Negara Malaysia’s Special Relief Facility (SRF).

“I was given to understand that the funds have all been snatched up nationwide by SMEs that are desperately looking for financial assistance to overcome the challenges posed by the deteriorating economy,” he said.

Chai therefore appealed to the federal government to further increase the size of the SRF so that SMEs which missed out on the opportunity in the previous round could enjoy the benefits of such package to ease the cash flow of their businesses.

“In addition, the government should also oversee the disbursement of the SRF loans as we have received numerous complaints over the delay in the disbursement of the funds and it would not serve its purpose if the funds were not released soon enough to help the enterprises,” he urged.

Last Wednesday, the state government had exchanged memorandums of agreement (MoAs) with banks participating in the SRF for SMEs under BKSS 2.0 – bringing the number of participating banks to seven.

With the state government recognising that SMEs are the backbone of the state’s economy, it is hoped that this scheme would provide much-needed relief during this critical time, sustain businesses, and assist them to bounce back.

Deputy Chief Minister Datuk Amar Awang Tengah Ali Hasan said that for three and a half years the state government would subsidise the interest rate at a cost of RM80.7 million.

Special subsidy programme at mall tomorrow

SIBU: The service centre of Sibu MP Oscar Ling Chai Yew will embark on a special subsidy programme at the Orange Zone of Star...

Share post:

Our Opinion

More like this
Related

Malaysians urged to unite as one family

LIMBANG: ‘Keluarga Malaysia, Teguh Bersama’, the theme for this...

MPKS-UNIMAS joint study on rural poverty

KUCHING: Kota Samarahan Municipal Council (MPKS) will be collaborating...

Police identify body of floating victim

KUCHING: Police here confirmed the finding of a man’s...

In dire need of new cemetery site

KUCHING: The Muslim cemetery (TPI) in Semariang is on...

Stateless children deserve education too

KUCHING: Datuk Seri Fatimah Abdullah is on board with...

Swinburne University holds doodle art workshops

KUCHING: Swinburne University of Technology Sarawak Campus held two...

Sarawak govt to speed up strata titles

KUCHING: The state government will speed up the strata...

Turn to mechanisation, builders told

KUCHING: Mechanisation is a way out for the housing...

Machete-wielding, car windshield-smashing man fined RM2,500

SIBU: A youth was today fined RM2,500 in default...

IVF treatment via EPF account

KUCHING: Sunway Fertility Centre offers financial assistance for In...

Uphold integrity and improve service delivery, policemen told

SERIAN: Uphold integrity, strengthen service delivery and support the...

Car skids and crashes into concrete wall, driver left injured

KUCHING: A local man sustained body injuries after his...