Ministry allocates RM30mil as flood relief scheme

SHAH ALAM: Minister of Entrepreneur Development and Cooperatives (Medac) Tan Sri Noh Omar (right) presenting a chec food shop owner (second from left) Hayati Abd Aziz under in Section 3 yesterday.

SHAH ALAM: The Entrepreneur Development and Cooperatives (Medac) Ministry, through Tekun Nasional, has allocated RM30mil as a post-flood relief initiative for informal and micro-entrepreneurs.

“To help ease the burden of informal and micro entrepreneurs during this time, especially those affected by the flood disaster, Tekun Nasional offers business recovery financing under the Informal and Micro Financing Scheme (SPIM) with a financing value of up to RM10,000 without profit charge.

“Entrepreneurs will also enjoy a moratorium for 12 months,” its minister Tan Sri Noh Omar said in a statement yesterday.

He added that the financing scheme was open for application since early January and has to-date, received 14,906 applications totalling RM133.1mil in financing.

This includes 304 entrepreneurs, with financing worth RM2.9mil, who were affected by the floods.

“Of the total, 2,825 SPIM applications have been approved with a value of RM23.8mil. This includes RM1.62mil of financing approved to 179 entrepreneurs affected by the floods,” he added.

Medac noted that the financing under SPIM is not only open to those affected by the floods, but also to all informal and micro entrepreneurs.

Entrepreneurs who have been affected by the Covid-19 pandemic may apply to SPIM to obtain funds to recover and restart their businesses.

“Informal and micro entrepreneurs can apply to SPIM for financing for working capital, purchase of equipment/hardware, salary payments, rent payments, utility bills and other related matters,” the minister said.

“Tekun Nasional has also taken the initiative to help existing Tekun entrepreneurs who have been affected by the floods. The entrepreneurs involved were offered a six-month moratorium from December 2021 to May 2022. The financial implications from this initiative is estimated at RM7.2mil,” he added.Concerned with the difficulties faced by entrepreneurs due to the flood disaster, Noh Omar carried out a walkabout programme to review the situation of entrepreneurs after the floods in Shah Alam and Kota Raja.

“I am confident in the initiatives and financial assistance channelled by the government to entrepreneurs affected by the floods, the economic sector will recover as usual gradually,” he said.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Next In Business News

Weststar Group�weighs US$300mil helicopter unit IPO
Tengku Zafrul: Talk of global recession premature, unwarranted
Ringgit appreciates versus US dollar, tracking positive yuan sentiment
SCIB secures EPCC contract worth RM36mil
Duopharma net profit rises 15% in 1Q
Borneo Oil acquires 22.5% in MTSB for RM73.56mil
Chin Hin to dispose of Solarvest stake for RM103.28mil
Dialog's Q3 net profit slips to RM133.07mil, declares 1.30 sen dividend
DNeX, Foxconn unit to build and operate wafer fabrication plant in Malaysia
PetChem buys Perstorp in RM10.5bil deal

Others Also Read