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SHAH ALAM, June 6 — Tekun Nasional has received 25,140 applications from small and medium-sized enterprises (SMEs) for the Covid Business Recovery Financing Scheme (CBRM) involving allocation amounting to RM201.12 million.

Entrepreneur Development and Cooperatives Minister Datuk Seri Wan Junaidi Tuanku Jaafar said of the total, Tekun Nasional had approved 19,806 applications worth RM153.77 million.

“Since the scheme was launched on April 8, we have received 25,140 applications nationwide.

“Through the scheme, entrepreneurs who are allowed to open their businesses have received 100 per cent financing, while those whose businesses are not permitted to operate yet by the government, received only 20 per cent during the conditional movement control order (CMCO),” he told reporters after presenting CBRM to 20 entrepreneurs at Selangor Tekun Nasional building here today.

He said SME entrepreneurs affected by Covid-19 outbreak would receive maximum loan of RM10,000.

“We can see that SME business operations could recover quickly event though buying power is not that strong maybe because many are still cautious to go out or buy stuff outside.

“The recovery is also due to the lower and cheaper costs and capital of these small entrepreneurs and they can start business operations immediately for example food traders,” he said.

Wan Junaidi also hoped SME premises not yet allowed to operate would be able to do so in the near future.

He said over 80 per cent of CBRM applicants were entrepreneurs who were involved in service sector including barber shops and salons.

Source: https://www.malaymail.com/news/malaysia/2020/06/06/tekun-nasional-receives-over-25000-covid-business-recovery-financing-scheme/1873078