SEPANG: The Ministry of Entrepreneur Development and Cooperatives (MEDAC) has held discussions with Bank Rakyat and Maybank for the process of restructuring or rescheduling the financing of entrepreneurs affected by COVID-19.
The Minister, Tan Sri Noh Omar, said the proposal to help entrepreneurs to recover was also raised by him at the recent Cabinet meeting.
“Many entrepreneurs came to me and informed me that they could not repay the loan debt even though the bank provided a moratorium. So I have discussed with these two banking agencies to arrange or reschedule loan payments.
“In this way, we can help and give them a chance to rise again, especially when the country’s borders are reopened,” he told Bernama at the Kuala Lumpur International Airport recently.
Following the reopening of the border which took effect yesterday, Noh said his party would focus on entrepreneurs, especially entrepreneurs in the tourism industry as international travelers could now enter the country for tourism purposes.
He said this included tour bus service operators and home stay owners.
“When they have not been operating for two years, they need time to repay the loan. To recover, for example, the home stay owners, they need to repair the home stay. The same goes for the tour bus operators,” he said.
Noh also said he was confident that the process of arranging or rescheduling financing could help the entrepreneurs to restart their businesses and repay their loans on a scheduled basis in the future.
Asked about the amount of aid distributed by MEDAC, he said so far the ministry had allocated RM50 million to micro -entrepreneurs affected by last year’s floods, RM100 million for small and medium industry entrepreneurs and RM200 million through the Informal and Micro Financing Scheme.
“We at MEDAC will continue to be vigilant and concerned about the problems faced by entrepreneurs in the country because they are the ones who will help revitalize the country’s economy as well as increase their income,” he said.