PUNB eases loan terms for affected traders

PUNB would also extend the deferment of repayment of financing on principals for a period of six months until Dec 31, 2021.

SHAH ALAM: Perbadanan Usahawan Nasional Bhd (PUNB) has relaxed the terms of loans for Bumiputera traders under the COVID-19 Affected Entrepreneur Financing Scheme (SPUR) by requiring them to submit only evidence of being terminated from employment due to the pandemic, with priority given to those who have started a business.

Chairman Tan Sri Noh Omar said the approval process for SPUR applications would also be expedited within four weeks provided the two new conditions were met.

"We have increased the financial allocation for this scheme from RM5 million to RM50 million by offering financing of up to RM100,000 which is expected to benefit about 1,000 Bumiputera traders.

"It’s on a first-come-first-serve basis. In addition, the rate charged to entrepreneurs is only 3.5 per cent per year based on the monthly balance rate.

"The recipients of this initiative are given a six-month deferral of payment automatically from the date of disbursement of loans,” he told a press conference here today.

SPUR, which started on May 7, has received 124 complete applications out of 2,052 registrations received until yesterday.

He said the rejected applications would be re-evaluated as the relatively strict conditions were set previously as the normal loan application conditions.

Meanwhile, Noh said PUNB would also extend the deferment of repayment of financing on principals for a period of six months until Dec 31, 2021 which would benefit 2,330 PUNB's entrepreneur partners and 718 recipients of the Bumiputera Relief Financing (BRF).

"This initiative will involve a shortfall in collection of RM92.75 million," he said.

Besides, 230 tenants of PUNB business premises nationwide are eligible for a 50 per cent rental discount for six months until Dec 31 involving an estimated rental collection of RM2.89 million. - Bernama