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 Business

MEDAC improves facilitation for products, services for entrepreneurs

22nd May, 2020

KUALA LUMPUR: The Ministry of Entrepreneur Development and Cooperatives (MEDAC) and its agencies have taken steps to make it easier for micro, small and medium-sized enterprises (SMEs) and cooperatives affected by the COVID-19 pandemic to access its products and services.

Its minister, Datuk Seri Wan Junaidi Tuanku Jaafar said it was important for the processes and procedures to be simplified to ease access to the financial facilities and services, thus ensuring that the entrepreneurs receive the proper support from the government.

In a statement Thursday, he said this includes simplifying application processes, improving processing times and financing approvals.

Moving forward, those who wish to apply for the COVID Business Recovery-Micro (CBRM) financing scheme will only need to provide a copy of four documents, namely the company registration certificate or business license, identity card, bank statement and utility bill, instead of having to furnish 17 documents previously.

The ministry has also shortened the timeline for the processing of applications for the Special Relief Facility (five days instead of between 21-30 days) and Cooperative Development Department Revolving Fund (14 days instead of 30 days).

The processing of applications for the Cooperative Development Department Revolving Fund has also been reduced to 10 days instead of 14 days previously, while the applications for the Full Withdrawal of Savings by entrepreneurs will be processed within two days instead of seven days.

The PROTEGE-Ready To Work (RTW) Programme compliance audit has also been reduced to one day instead of three days previously. –Bernama

   
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