SHAH ALAM: The Ministry of Entrepreneur Development and Cooperatives (MEDAC), through the National Entrepreneur Group Economic Fund (TEKUN Nasional), has approved a total of 3,986 applications worth RM33 million for Micro Informal Financing Scheme (SPIM) to-date.

Its Minister Tan Sri Noh Omar said out of the total applications, 95 per cent took around one week to be approved while the rest took eight to 14 days due to lack of information.

To-date, the ministry had received a total of 23,277 SPIM applications involving loans worth RM180 million including the 3,986 approved applications.

"Because of this, we have to postpone SPIM (for now)...we want to settle the applications that have not been approved yet. From the allocation channelled, TEKUN will try to approve as soon as possible.

"We will keep the balance from the RM200 million to focus and give priority to (TEKUN) entrepreneurs affected by the floods," he said.

Noh said this in a press conference during the MEDAC Minister Walkabout programme to TEKUN entrepreneurs' premises around Shah Alam today.

In terms flood-related loans, TEKUN had approved 232 applications valued at RM2 million, out of which 114 applications were from Selangor involving allocations worth RM1.1 million.

He explained that his ministry is also undertaking a study so that entrepreneurs affected by the floods could get a one-off assistance, besides being provided with these loans.

-- BERNAMA