KUALA LUMPUR, Oct 14 — Financing agencies under the Ministry of Entrepreneur Development and Cooperatives (Medac) have received a total of 18,670 moratorium extension applications and targeted bank assistance amounting to RM6.7 billion.

Medac minister Datuk Seri Wan Junaidi Tuanku Jaafar said as of October 8, 10,710 applications worth RM6.04 billion, or 90.15 per cent, of the total applications were approved.

He said 5,422 applications worth RM622.34 million were rejected due to applicants’ income were unaffected by Covid-19, rescheduling and refinancing of financing payment by the Credit Counselling and Debt Management Agency, and overdue payment of more than 90 days with no source of repayment.

"Of the total, only 1.7 per cent of rejected applications were from small and medium enterprises (SMEs), while the remaining 98.3 per cent were individual applications.

"Meanwhile, the remaining 2,538 applications valued at RM41.4 million are still being processed and considered by the agency,” he said.

He said of the total applications, Bank Rakyat approved 5,610 applications worth RM1.17 billion, SME Bank (3,087 applications worth RM4.84 billion), TEKUN Nasional (1,999 applications worth RM27.39 million), and Perbadanan Nasional Bhd (PNS) (14 projects worth RM3.95 million).

The financing agencies under Medac are Bank Rakyat, SME Bank, Tekun Nasional, PNS, and Cooperative Commission of Malaysia. — Bernama