Group: Cut red tape on loan approvals for SMEs for now

SME Association of Malaysia president Datuk Michael Kang said, “We appreciate the government aid provided through the Prihatin stimulus package for SMEs but some banks had their own criteria of credit control for businesses”.
He added that there should be a fairer mechanism in place during times of crisis. “Since the government and Bank Negara are the ones that allocate the loans for SMEs, there is little to no risk. So, why does it take so long?” he said.
Kang also said the aid provided by the government was for SMEs to avoid turning to licensed moneylenders or even Ah Longs.

Read more in depth here: https://www.thestar.com.my/news/nation/2020/04/21/group-cut-red-tape-on-loan-approvalsfor-smes-for-now
Source: The Star

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