KINABATANGAN, Jan 21 — Loan applications submitted to agencies under the Ministry of Entrepreneur and Cooperatives Development (KUSKOP) will be approved within five working days, said Deputy Minister Datuk Mohamad Alamin.

He said that the move was important as, apart from reducing bureaucracy, it would allow entrepreneurs to obtain capital promptly to continue or start their businesses.

“We have heard many complaints from entrepreneurs regarding delays in loan approvals, so we (KUSKOP) have agreed to approve loan applications within five working days, provided all documents are complete.

“We have also established data sharing at the KUSKOP level so that entrepreneurs are not burdened with multiple forms when making applications. This ensures that each time they apply, their data is already available and they do not need to provide new documents,” he said.

He said this to reporters after officiating the Jualan Madani Koperasi dan Usahawan (JMKU) Programme at Koperasi Pelancongan Mukim Batu Puteh (KOPEL), Kinabatangan, today.

At the programme, Mohamad presented mock cheques to several entrepreneurs and cooperatives as part of the Madani Government’s ongoing commitment to the development of cooperatives and entrepreneurship in the country.

Meanwhile, he said the JMKU programme would be expanded to all districts in Sabah this year to boost the sales and income of entrepreneurs.

On the RM11 million financing provided to KOPEL, Mohamad said it was aimed at helping the cooperative acquire assets and expand its business. — Bernama