By Karen Bong
KUCHING, Oct 15: About 90 per cent or 10,710 moratorium extension applications and targeted bank assistance with a value of RM6.04 billion were approved as of Oct 8.
Minister of Entrepreneur Development and Cooperatives Datuk Seri Dr Wan Junaidi Tuanku Jaafar disclosed that in total, the ministry (Medac)’s financing agencies have received 18,670 applications and disbursed targeted bank assistance with a value of RM6.704 billion.
Bank Rakyat approved 5,610 applications worth RM1.165 billion, SME Bank (3,087 applications worth RM4.844 billion), Tekun Nasional (1,999 applications worth RM27.39 million and Perbadanan Nasional Berhad (14 applications worth RM3.95 million).
“However, a total of 5,422 applications with a value of RM622.34 or 9.28 per cent were rejected.
“They were rejected for several reasons including applicant’s income not being affected, failure to provide proof of impaired income, rescheduling or refinancing of financing payment by the Credit Counselling and Debt Management Agency (AKPK) and overdue of more than 90 days with no source of repayment,” he explained in a media release yesterday.
Wan Junaidi elaborated that only 1.7 per cent of the rejected applications were from Small and Medium Enterprises (SMEs) with the remaining 98.3 per cent individual applications.
“The remaining applications of 2,538 with a value of RM41.4 million or 0.57 per cent are still in process and consideration by the agency,” he revealed.
This initiative, he added, was in line with the announcement of ‘Kerangka Inisiatif Tambahan Khas: Kita Prihatin’ and aimed at reducing the people’s financial burden as well as businesses’ cash flow challenges following the end of the moratorium period on Sept 30.
“Medac has given and will continue to provide unwavering commitment in its efforts to empower the entrepreneurial ecosystem in line with the National Entrepreneurship Policy 2030 (NEP2030),” he assured. — DayakDaily
