Simplify assistance application for MSMEs and informal sector to ensure aid reaches its targets

Prime Minister Datuk Seri Ismail Sabri Yaakob launched the RM40bil Semarak Niaga Keluarga Malaysia Programme on Feb 21 to help micro, small and medium enterprises (MSMEs) and the informal sector.

As some of the most affected sectors during the pandemic, the financial assistance will surely relieve the burden of these businesses and help them recover.

One of the packages in the programme is the RM200mil Informal and Micro Financing Scheme (SPIM) which offers loans of up to RM10,000 at zero interest rate, with priority given to informal sector traders.

MSMEs commonly face issues of incomplete documents when trying to secure financing for their businesses; hence, this scheme will make it easier for these budding businesses to secure a good foundation.

Besides that, the Prime Minister also said that the programme includes direct loans, financing guarantees and equity injections. Since the government has prepared all these assistance packages, I urge the government to take the extra step to ensure that the applications can be expedited with less red tape to ensure that needy businesses can apply successfully.

In line with the National Recovery Plan to resuscitate the economy and abiding with the principle of “leaving no one behind”, the government’s timely assistance is welcome to prevent the economy from collapsing as well as other irreversible damages.

Tan Tuan Peng

MCA Economic Consultative Committee Chairman