MEDAC to mull moratorium extension for entrepreneurs

MEDAC to mull moratorium extension for entrepreneurs
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KUALA LUMPUR (Oct 4): The Ministry of Entrepreneur Development and Cooperatives (MEDAC) will mull extending the moratorium facility for entrepreneurs by year end if they are facing difficulties in repaying their bank loans.

MEDAC Minister Tan Sri Noh Omar said the ministry’s agencies had granted moratoriums to entrepreneurs to the tune of RM5 billion, acknowledging that entrepreneurs had been dealing with numerous problems due to the Covid-19 health and economic crisis.

"MEDAC agencies will work together and if there are any agencies that have loans under the ministry, we will provide flexibility to them.

“We will always look at ways to revive the economy, as well as to help entrepreneurs affected by the Covid-19," he said in the Dewan Rakyat on Monday.

Noh said this in reply to a question from Datuk Seri Tiong King Sing (GPS-Bintulu) on the long-term financial policies and MEDAC’s plans to assist small and medium enterprises (SMEs) and industries affected by movement restrictions due to the Covid-19 pandemic.

Meanwhile, in answering a question from Datuk Hasanuddin Mohd Yunus (Pakatan Harapan-Hulu Langat) on the leakage of aid for SMEs, he assured that the ministry will continue to deliver aid to SMEs.

"If there are any complaints from the people about MEDAC agencies being late in giving them assistance, please report to me.

“I promise action will be taken against officials who delay and make it difficult for the people to get help," he said.

The minister said MEDAC had a specific long-term expenditure plan for SMEs to be implemented via agencies under the ministry.

At the same time, the ministry will also introduce a "rent-to-own" scheme to help entrepreneurs own their own buildings or assets.

The ministry will also enhance capacity building as well as training programmes for entrepreneurs, especially in strengthening technological and digitalisation capabilities in business operations.

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