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MEDAC unveils RM372.85 mln Post COVID-19 Entrepreneur Recovery Plan

02/05/2020 05:50 PM

KUALA LUMPUR, May 2 -- The Entrepreneur Development and Cooperatives Ministry (MEDAC) has allocated RM372.845 million for the Post COVID-19 Entrepreneur Recovery Plan aimed at ensuring the sustainability and recovery of entrepreneurs’ business operations affected by the pandemic.

Its minister Datuk Seri Wan Junaidi Tuanku Jaafar said the plan would be implemented in two phases -- May-December 2020 (Phase 1) and January-May 2021 (Phase 2).

He said that based on available information, Malaysia had nearly 907,000 micro, small and medium enterprises (MSMEs), and they must brace themselves for a different business scenario, especially following the end of the Movement Control Order (MCO) period.

“Each entrepreneur must move towards digitalising their business, seize training opportunities and offers announced by the relevant agencies, particularly under MEDAC, and seek new revenue sources for business continuity,” he said in a statement today.

Wan Junaidi said under the recovery plan, six strategies comprising 30 initiatives had been drafted for various identified target groups.

These strategies include raising the people’s confidence (targeted at entrepreneurs and the public), strengthening capabilities and capacities (aimed at micro enterprises, cooperatives, and startups by graduates and youths), boosting financing access and assistance (for MSMEs, informal sector and cooperatives), and increasing usage of technology (for MSMEs and cooperatives).

Other strategies are market opening and expansion, and effective service delivery (both targeted at MSMEs, informal sector and startups).

In an effort to assist entrepreneurs at this time, MEDAC agencies have also implemented or are implementing various measures during the MCO period, including RM786.5 million financing provided by Bank Rakyat, SME Bank, TEKUN Nasional and the Cooperative Commission of Malaysia which is expected to benefit 4,133 recipients including individuals, entrepreneurs and cooperatives.

He said TEKUN Nasional had extended financing repayment deferment to 209,479 entrepreneurs totalling RM324 million and rescheduled financing to 1,000 micro entrepreneurs costing RM10 million.

On the COVID Business Recovery - MIcro (CBRM) financing scheme, he said as of April 30, TEKUN had received 17,845 applications, of which 5,694 had been approved involving RM47.6 million.


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