MEDAC simplifies lending procedures for entrepreneurs

Lending procedures for entrepreneurs will be simplified following various Standard Operating Procedures (SOPs). The Ministry of Entrepreneur Development and Cooperatives (MEDAC) said this was due to many companies being impacted by the ongoing CMCO and previously the MCO.

According to a news report by Bernama, Minister, Wan Junaidi Tuanku Jaafar, the secretary-general of the ministry will be carrying out a review so that old processes which are complicated and time-consuming will be eliminated.

“I want to introduce new procedures so that we can simplify the assistance to traders,” he said.

The Ministry has also opened two bank channels and one cooperative as a financial source namely Bank Rakyat, SME Bank Bhd and TEKUN Nasional.

According to Bernama, the SME Bank Sdn Bhd to date has received about 1,000 loan applications, further indicating that companies are keen to source financial resources provided by Putrajaya.

“Many of the required methods and procedures have been simplified including the withdrawal process, and I have also advised TEKUN Nasional not to delay the approval of loan applications,” Junaidi said.

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