16/05/2024 09:35 PM

ALOR SETAR, May 16 (Bernama) -- The Alor Setar branch of the Credit Counselling and Debt Management Agency (AKPK) has helped 255 micro, small and medium enterprises (PMKS) comprising sole proprietors and micro and small entrepreneurs as of February.

Alor Setar APKP head Mohd Faizal Mohd Salleh said that, from the amount, over RM108 million in debt arrears had been restructured to help PMKS regain control of their business finances.

"The AKPK assisted the PMKS collectively through restructuring loans and business payments, with the borrowers and financial institutions agreeing to the loan repayment plans. The AKPK provided free financial and credit management advisory services.

"The most number of traders or entrepreneurs seeking AKPK assistance are from the service sector, at 37 per cent, followed by other sectors (31 per cent), the manufacturing sector (17 per cent) and the plantation and construction sectors (seven per cent each),” he told Bernama.

He said the AKPK also advised all traders or entrepreneurs affected by financial problems in their businesses to grab all educational opportunities and business financial advice offered by them or any other legal institution.

"The AKPK provides relevant modules covering techniques and the provision of smarter and more systematic business account management templates through the Smart Money Smart Business module. This module details the characteristics of business financial goals and planning sources of business income.

"If they have difficulties in repaying loans or making business payments, the AKPK will advise them to take early action by referring to the banking institution or credit facilitator to get help with restructuring initiatives,” he said.

Meanwhile, Mohd Faizal said that the public's financial literacy level is still low, with many adopting a "live for today” attitude in managing their finances.

"In today's challenging economic situation, many people, especially youths, are burdened with debts due to poor financial planning since they started working.

"So, to overcome these issues, better financial education needs to be introduced and enhanced to help in making wiser and more responsible financial decisions,” he said.




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