Majlis Amanah Rakyat (MARA) has introduced two additional incentives to help Bumiputera entrepreneurs affected by the COVID-19 pandemic, said its chairman, Datuk Azizah Mohd Dun.

She said, the additional incentives were 'Skim Pembiayaan Kemudahan Pengukuhan Perniagaan MARA (SPAK) or Business Enhancing Financing Facility Scheme and exemption of business premises rental for two months.

Previously, MARA had announced a moratorium on business financing for a six-month period and 30 per cent discount on rental of premises for the same period with several conditions, which had benefitted more than 5,000 entrepreneurs of the agency, she said.

“The outcome of a Movement Control Order Impact Study carried out on MARA entrepreneurs involving 2,436 respondents has revealed an urgent need (for assistance). We believe there's a need to add new incentives to ensure the entrepreneurs continue to survive and are able to continue with their respective operations,” she said in a statement here, today.

Azizah said the additional incentives were to provide easy and fast business financing, besides giving the assurance, especially to help micro-entrepreneurs revive their companies that were badly affected.

“MARA has allocated RM6 million under this scheme and this is expected to benefit more than 600 entrepreneurs.

“The scheme is under the concept of 'Qardhul Hasan' (interest-free loan) and free of any profit rate, and will be processed expeditiously to fulfil the needs of the entrepreneurs, hence, assist in the companies’ cash flow,” she said.

Meanwhile, Azizah said, applicants do not need to provide any guarantee or collateral and just have to provide a supporter among close family members.

Azizah said, MARA currently has 7,261 business premises across the country covering commercial (1,607 lots), arcade (3,334 lots), bazaar (1,892 lots) and industrial sites (428 lots).

“The exemption from paying rental for April and May that we are giving is estimated to amount to RM10 million including an incentive for rental discount announced earlier.

“MARA will always strive to assist Bumiputera entrepreneurs to continue to compete in tandem with the current economic growth,” she added - BERNAMA