Don’t be afraid to get loans to expand business, entrepreneurs, cooperatives told

TUARAN: Competitive entrepreneurs and cooperatives in the country should not be afraid to secure loans in an effort to expand their businesses, says Entrepreneur Development and Cooperatives Minister Datuk Ewon Benedick (pix).

He said loans, especially those provided by the government and agencies under the Ministry of Entrepreneurs Development and Cooperatives (Kuskop), were aimed at helping them and should not be considered as ‘debts’ that impede their businesses.

Ewon said that he had met with entrepreneurs and cooperatives who were afraid to get loans because of the monthly loan repayment commitment even though their businesses have great potential to be developed.

“There are 66 agencies across the country offering financing facilities to entrepreneurs and 10 of these agencies are under Kuskop. Many opportunities have been provided for entrepreneurs and cooperatives in this country, especially in Sabah.

“But be a smart entrepreneur who applies for (business) financing to really implement and advance the business and never give up,“ he said when opening a tour programme to empower cooperative entrepreneurs at the Bajau Sama cultural centre here today.

Ewon urged entrepreneurs and cooperatives to act quickly in obtaining business loans from government agencies because some financing facilities were limited based on the country’s annual budget.

“After Budget 2023 is re-tabled on Feb 24 (this Friday), we will know the allocations for relevant agencies including financing, but don’t wait until the end of the year to apply,” he said.

He said Kuskop was working to create a financing scheme specifically for entrepreneurs and cooperatives in Sabah and Sarawak.

“Currently we are raising awareness first, especially for entrepreneurs living in the interiors (Sabah and Sarawak) who do not know about available financing facilities, (so) engagement sessions must be carried out with those involved,“ he added. – Bernama