Awang Tengah Ali Hasan
KUCHING: SMEs and microentrepreneurs who do not qualify for Bank Negara Malaysia’s Special Relief Fund (SRF) can still apply for the RM50 million Micro Credit Scheme, said Deputy Chief Minister Datuk Amar Awang Tengah Ali Hasan.
He said the loans will be interest free for three and a half years, and can be made through the Ministry of International Trade and Industry, Industrial Terminal and Entrepreneur Development.
“The Micro Credit Scheme has less stringent requirements as compared to normal bank loans, and these loans will also be interest free for three and a half years,” Awang Tengah said in a statement today.
This was following some feedback from SMEs and small businesses that had failed to qualify for the interest free loans for SMEs under the Sarawakku Sayang Special Assistance 2.0 announced by the Chief Minister Datuk Patinggi Abang Johari Tun Openg last Friday.
Abang Johari said the state government is providing RM1 billion interest free soft loans through a collaboration with Maybank, Hong Leong Bank and RHB Bank under the SRF, by absorbing the interest costs due to be released to over 40,000 SMEs in the state.
With that, Awang Tengah said the RM2.254 billion Sarawakku Sayang Special Assistance 1.0 and 2.0 provided by the state government will give a lifeline to the people, SMEs, micro entrepreneurs, hawkers and petty traders during this challenging time.
He said this is possible because the state government has been prudent and disciplined in its financial management over the years.
“It has accumulated sufficient financial surpluses to assist Sarawakians and business communities in times of crisis such as this.
“For this, we must thank the chief minister for being very caring towards the needs of Sarawakians,” said Awang Tengah.
He said for the public and business community, life would not be the same post-Movement Control Order (MCO) where the need for social distancing would be more evident.
He said the business landscape has changed dramatically, and urged SMEs and microentrepreneurs in the state to change their business models, be more creative and innovative, move their businesses online and take advantage of technologies such as digitalisation and automation.
“For example, in the coming Ramadan month, SMEs and petty traders could move their businesses online through various e-bazaar platforms where drive-thru, pack and pick and e-hailing delivery could be arranged.
“This should be encouraged as we don’t have to be physically at the Ramadan bazaar to pick our food,” said Awang Tengah.