SEPANG (April 2): The Ministry of Entrepreneur Development and Cooperatives has held discussions with Bank Rakyat and Maybank on the process of restructuring loan repayments for entrepreneurs affected by Covid-19.
Its Minister Tan Sri Noh Omar said he had also tabled the proposal in the recent Cabinet meeting.
“Many entrepreneurs came to see me and informed me that they could not repay their loans even though the banks had provided a moratorium. Therefore, I have discussed with these two financial institutions to restructure loan repayments.
“This way, we can assist businesses to recover, especially as the country’s borders have reopened,” he told Bernama at the Kuala Lumpur International Airport (KLIA) recently.
Noh Omar said that as foreign travellers can now enter the country for tourism purposes, the ministry would focus on assisting entrepreneurs in the tourism industry, including tour bus operators and homestay owners.
“As they have not been in operation for two years, they need time to make repayment. They also need to repair their vehicles and homestay in order to kick-start their business,” he said.
In this regard, Noh Omar is confident that the restructuring or rescheduling of loan repayments could assist entrepreneurs involved in resuming their business and repaying their loans according to schedules soon.
Meanwhile, he said the ministry had allocated RM50 million to assist micro-entrepreneurs affected by the floods last year, RM100 million for small and medium industry entrepreneurs as well as RM200 million through the Informal and Micro Financing Scheme.
“The ministry will continue to be concerned with the problems faced by entrepreneurs because they are the ones who will help to revitalise the country’s economy,” he added.