Out of the total, 10,710 applications, or 90.15%, with a value of RM6.04 billion were approved.

Its minister, Wan Junaidi Tuanku Jaafar, said in a statement today that 5,422 applications (9.28%) with a value of RM622.34 million were rejected.

The remaining 2,538 applications with a value of RM41.4 million are still being processed.

He added that of the rejected applications, only 1.7% were from small- and medium-sized enterprises (SMEs) while the rest were individual applications.

Wan Junaidi said the initiative was aimed at reducing the people’s financial burden as well as companies’ cash flow challenges following the end of the moratorium on Sept 30.

He said among the reasons applications were rejected were failure to provide proof of impaired income and the rescheduling of financing payment by the Credit Counselling and Debt Management Agency.

“My ministry has given and will continue to provide unwavering commitment in its effort to empower the entrepreneurial ecosystem in line with the National Entrepreneurship Policy,” he added.