KUALA LUMPUR: A total of 59 small and medium enterprise (SME) emergency fund applicants will receive their monies before Hari Raya, says the Entrepreneur Development and Cooperatives Minister.

       Tan Sri Noh Omar said the delay in the disbursement, which was revealed by the applicants, was due to bureaucratic processes and legal procedures.

       He said the legal requirements should be eased to help needy entrepreneurs, adding that the ministry had conducted a meeting with the relevant authorities, SME Corp and Malaysian Industrial Development Finance Bhd.

       “I called for the disbursement of the emergency funds to be made as quickly as possible.

       “There is no need to have to go through too many layers of an agreement as if it’s a huge loan.

       “The fund is intended as an emergency fund for SMEs that were affected by the recent floods,” he told the media yesterday after launching the Festival Gaya Raya at the Malaysian International Trade and Exhibition Centre (MiTEC).

       Currently, around 145 applications have been received for the emergency fund.

       Noh also said micro entrepreneurs will be exempted from the latest minimum monthly wage of RM1,500 for a year.

       However, he added that there are a number of micro entrepreneurs that decided to pay their workers this new minimum wage.

       “We have agreed to give micro entrepreneurs an exemption from the latest implementation of the RM1,500 minimum wage from May 1 for a one-year period.

       “However, I did hear that some of them still decided to follow the new regulations, which we will still encourage if they can afford it,” he said.

       Micro entrepreneurs refer to businesses that employ fewer than five workers.

       Festival Gaya Raya, organised by My Events International and Absolut Event and Management, is funded by SME Corp.

       Noh said the booth participants, consisting of companies specialising in Raya food, apparel and accessories, were given a 50% discount to help them get back on their feet.

       “A total of over 420 entrepreneurs benefited from the 50% discount.

       “With the discount, we’re also hoping that they control the price of goods they are selling to ensure the public can afford them,” he added.