PUTRAJAYA – The Ministry of Entrepreneur Development and Cooperatives (MEDAC) has asked for an allocation of RM1 billion in Budget 2022 to focus on efforts to revive small and medium enterprise (SME) and micro businesses, reported Bernama.
Minister Tan Sri Noh Omar said the application was discussed with Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz during a #Bajet2022 engagement session recently.
“SME and micro entrepreneurs are now free from health problems (COVID-19), so MEDAC will focus on strategies to revive their businesses,” he told a press conference after witnessing the exchange of a memorandum of understanding (MoU) on the implementation of the Vendor Development Programme (PPV) on October 18.
Noh said about 11,000 SME entrepreneurs and 26,000 micro entrepreneurs were reportedly forced to shut down operations as the could not bear the operating costs due to the COVID-19 pandemic that hit the country.
Noh said if the allocation were approved, it would enable him to help a total of 192,541 entrepreneurs affected by COVID-19 by making it easier for them to obtain loans provided by various agencies under MEDAC, including Tekun Nasional, Bank Rakyat and SME Bank.
Prime Minister Datuk Seri Ismail Sabri Yaakob on October 2 was reported to have said that Budget 2022 would focus on the economic recovery of the people affected by the pandemic.