PUNB to expedite loan approval for entrepreneurs affected by COVID-19

Its chairman Tan Sri Noh Omar said the approval period will be shortened from three months to three weeks to enable entrepreneurs affected by the COVID-19 pandemic receive the benefits and ensure their business continuity.

He said PUNB will provide financing from RM100,000 to RM1 million according to the size of the company.

“The shortened period is for entrepreneurs under PUNB and procedures need to be reviewed as these cannot be the same as entrepreneurs who are making new applications," he told reporters after the ceremony to handover PUNB chairman duties and PUNB's 29th anniversary celebrations here, today.

Earlier, Noh received the handover of duties note as PUNB’s sixth chairman from former chairman Datuk Hazimah Zainuddin.

Prime Minister Tan Sri Muhyiddin Yassin had earlier said that in an effort to empower Bumiputera involvement and the sustainability of their businesses, some RM200 million in financing would be made available through PUNB.

Meanwhile, Noh suggested that the financing scheme should be widened so that more businesses could apply to PUNB.

He also said that PUNB will focus on business sectors such as small and medium enterprises with the potential to be commercialised and marketed to a higher level.

Up to June 2020, PUNB had provided financing to 11,200 entrepreneurs involving 7,841 companies with total funds of RM3.29 billion.