Tourism entrepreneurs receive RM300 mln in SFT3 financing - Noh

Entrepreneur Development and Cooperatives Minister Tan Sri Noh Omar said the funding was aimed at helping industry operators to develop or expand their tourism products.

"One of SME Bank's emphasis is to assist the tourism sector through an allocation of RM500 million (under SFT3).

"From the RM500 million (allocation), there is a balance of about RM200 million after giving out RM300 million to finance tourism entrepreneurs," he said in a press conference after launching the Jom Xcess SME Bank 2021 - Northern Region, here, today.

He said the remaining RM200 million under the fund would be distributed in the near future to help tourism industry operators revive their businesses after being affected by the COVID-19 pandemic.

Noh said entrepreneurs who received financing were also given a subsidy of two per cent on the interest rate charged, thus reducing the total repayment of their loans.

Meanwhile, the minister also gave an assurance that the SME Bank will not take legal action against entrepreneurs or small and medium industry (SME) entrepreneurs who face problems in repaying loans with the bank.

He also said the move was in line with Prime Minister Datuk Seri Ismail Sabri Yaakob's call recently to provide assistance to entrepreneurs and SMEs in order to help revive their businesses.

"Apart from the financing, SME Bank has also given a moratorium on loan repayment until October next year. So not only is there funding but a moratorium as well," he added.