business loans for Bumi petty traders under review

JapaneseMY

Approval of
TEMERLOH, SUN:
Procedures for approvals and disbursement of business loans by banks and financial institutions to Bumiputera entrepreneurs, including Bumiputera hawkers and petty traders, are to be reviewed.


[table=200][/table]Deputy Minister of Entrepreneur and Cooperative Development Datuk Saifuddin Abdullah said the ministry would not only re-visit existing pre-conditions but would also amend them, if necessary, to suit present needs to speed up loan approvals and to make it eaiser for borrowers to obtain the loans.

He said the move followed complaints from businessmen, hawkers and petty traders who faced problems in securing business loans due to bureaucratic procedures and rigid conditions.

Procedures governing loan applications, approvals and disbursements must be customer-friendly as the funds were government money channelled to banks and financial institutions to facilitate Bumiputera businessmen, he told reporters after a meet-the-people session in Mentakab last night.

Saifuddin said banks and financial institutions entrusted with managing the funds should not impose ridiculous conditions on borrowers.
Saifuddin also said the ministry would set up a special fund to help the Bumiputera Hawkers and Petty Traders