MEDAC is considering extending the moratorium for entrepreneurs
KUALA LUMPUR (October 4): The Ministry of Entrepreneurial Development and Cooperatives (MEDAC) will consider extending the moratorium facility for entrepreneurs by the end of the year if they encounter difficulties in repaying their bank loans.
MEDAC Minister Tan Sri Noh Omar said ministry agencies had granted moratoriums to entrepreneurs to the tune of RM5 billion, acknowledging that entrepreneurs had faced many problems due to the health and economic crisis in Covid-19.
“The MEDAC agencies will work together and if there are agencies that have loans under the ministry, we will offer them flexibility.
“We will always look for ways to revive the economy, as well as to help entrepreneurs affected by Covid-19,” he said Monday in Dewan Rakyat.
Noh said this in response to a question from Datuk Seri Tiong King Sing (GPS-Bintulu) on MEDAC’s long-term financial policies and plans to help small and medium-sized enterprises (SMEs) and industries affected by restrictions on trading. movement due to Covid-19. pandemic.
At the same time, responding to a question from Datuk Hasanuddin Mohd Yunus (Pakatan Harapan-Hulu Langat) on SME aid leaks, he assured that the ministry would continue to provide aid to SMEs.
“If there are any complaints from people about the delay of MEDAC agencies in providing assistance to them, please let me know.
“I promise action will be taken against officials who delay and make it difficult for people to get help,” he said.
The minister said that MEDAC has a specific long-term expenditure plan for SMEs to be implemented through agencies under the ministry.
At the same time, the ministry will also introduce a “rent-to-own” program to help entrepreneurs own their own buildings or assets.
The ministry will also strengthen capacity building as well as training programs for entrepreneurs, in particular by strengthening technological and digitization capacities in business operations.
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