SHAH ALAM, Dec 18 — Micro, small and medium enterprises (MSMEs) and cooperatives affected by floods are eligible for a six-month moratorium on loan repayments from agencies under the Entrepreneur Development and Cooperatives Ministry (Kuskop), said minister Steven Sim.
He said the zero-interest moratorium takes immediate effect and involves loans from seven agencies under Kuskop, reported New Straits Times.
He said this at a press conference after a briefing on his first day as head of the ministry today.
The moratorium involves loans from Suruhanjaya Koperasi Malaysia (SKM), SME Corporation Malaysia, TEKUN Nasional, Bank Rakyat, SME Bank, Perbadanan Nasional Bhd (Pernas), and Amanah Ikhtiar Malaysia (AIM).
Sim advised affected entrepreneurs to contact their respective financing agencies for more information on the moratorium.
Meanwhile, the new Kuskop leader announced a plan to increase Bumiputera funding under TEKUN, from RM300 million this year to RM500 million next year.
Sim added that allocations under the Indian Community Entrepreneur Development Scheme (SPUMI) will be hiked from RM30 million to RM50 million, while a new RM50 million financing scheme for Chinese-owned MSMEs will be launched next month.
He said he has ordered Kuskop to recheck all processes, procedures and costs involving stakeholders, including MSMEs and cooperatives, to ensure efficiency and to create a friendlier business environment.
He also announced a new strategy for Kuskop called ABCD — which stands for Anjakan Produktiviti (Productivity Leap), Birokrasi Dipermudah (Bureaucracy Simplified), Capaian Modal (Capital Access), and Daya Akses Pasaran (Market Access Capabilities) — to drive national business growth.
“The ministry’s policies, programmes and rules will be guided by the ABCD strategy from now on to ensure the national MSME and cooperatives ecosystem remains business-friendly, efficient, and competitive,” Sim said.
