247,858 affected entrepreneurs and cooperatives recover in 2021 on RM7.45 bln in funding — MEDAC

KUALA LUMPUR, March 8 — A total of 247,858 affected entrepreneurs and cooperatives successfully recovered in 2021 through a combination of financing aid, grants, moratoriums, and business premise rental discounts worth RM7.45 billion in funding.

Through written reply in Parliament, the Ministry of Entrepreneur Development and Cooperatives (MEDAC) said it also helped 3,996 individuals to start their own business, especially among the youth and graduates who lost their jobs, with funds worth RM32.98 million.

MEDAC also managed to strengthen the resiliency of 9,318 micro, small and medium enterprises (MSMEs) with the injection of RM12.39 million in funds.

“To spur the development of entrepreneurship among youths and women in 2022, MEDAC and its agencies have organised various programmes for them with an allocation of RM213.7 million,” it said in reply to a query from Datuk Seri Ahmad Maslan (BN-Pontian).

Replying to Su Keong Siong (PH-Kampar) on the recovery of MSMEs up to Dec 31, 2021, the ministry revealed that 927 applications for the Special Relief Facility (SRF) under SME Bank had been approved, worth RM490.19 million.

“A total of 123 loan applications for the automation and digital scheme for SMEs (STTF) under SME Bank had been approved worth RM154.04 million,” it said, adding that 97 applications worth RM17.63 million had also been approved under a financing scheme to strengthen SMEs called (SMERF) under SME Corp.

Source: BERNAMA News Agency