SMEs Can Apply For These Financial Aids and Moratorium Under MEDAC
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According to the Ministry of Entrepreneur Development and Cooperatives (MEDAC), it and its agencies are providing moratorium and other targeted assistance. With an estimated RM746.79 million worth of assistance, it aims to help SMEs cushion the impact of Malaysia's lockdown order.
The ministry expects the assistance to benefit 734,707 of the agencies' borrowers and tenants, including micro-enterprises and informal businesses - those in the B40 category.
Its minister, Dato Sri Wan Junaidi, stated that the SMEs, specifically micro and informal businesses, are among the groups heavily affected by the third movement control order (MCO 3.0) and need all the assistance they can get to survive.
He said that many of the small businesses do not have enough savings to fall back to. The ministry hoped that the moratorium and targeted assistance provided by the agencies under it would help the businesses during the MCO.
Agencies that provide assistance and moratorium
These are the agencies that are providing moratorium and targeted assistance:
- Bank Rakyat,
- SME Bank,
- Perbadanan Nasional Berhad (PNS),
- UDA Holdings,
- Cooperatives Commission of Malaysia (SKM),
- TEKUN Nasional, and
- SME Corp.
Here are the details of the assistance:
1. Bank Rakyat
Types of assistance:
- Three months moratorium, and
- 50% reduction in monthly instalment for six months.
Value: RM550 million.
Number of beneficiaries: 600,000.
2. SME Bank
Types of assistance:
- Six months moratorium,
- 12-month financing extension, and
- 100% rental moratorium for seven months.
Value: RM28.67 million.
Number of beneficiaries: 2,055
3. TEKUN
Types of assistance:
- Three months moratorium, and
- 50% reduction in monthly instalment for six months
Value: RM94.94 million.
Number of beneficiaries: 126,170
4. SME Corp
Types of assistance:
- Payment rescheduling of loan/financing,
- A 3-month moratorium, and
- 50% reduction in monthly instalment for six months.
Value: RM1.5 million.
Number of beneficiaries: 228
5. PNS
Types of assistance:
- Three months moratorium, and
- 30% rental discount for six months.
Value: RM4.67 million.
Number of beneficiaries: 388
6. SKM
Type of assistance: Three months moratorium
Value: RM45 million.
Number of beneficiaries: 1,056.
7. UDA Holdings
Type of assistance: Up to 50% discount on rental
Value: RM22.01 million.
Number of beneficiaries: 4,810.
More targeted assistance and programmes
Wan Junaidi said MEDAC is currently developing a new survey to gauge MCO 3.0's impact on the SME sector, including micro-enterprises and informal businesses.
As over 80% of the SMEs provide products and services in non-essential services, the minister said that many industry players would be affected by the latest lockdown, which is stricter than the previous one.
Based on a previous survey, aside from the financial aspect, many entrepreneurs say that they are also suffering from Covid-19 fatigue after many uncertainties, specifically the operational SOPs.
Through the survey, the ministry hoped to assess the situation better and help create a more targeted assistance and programme that would best suit the SMEs.
Source: MEDAC
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