MIRI: Entrepreneurs, especially those running small and micro businesses, are reminded not to fall prey to illegal money lending schemes.
The Sarawak Bumiputera Entrepreneurs Chamber (DUBS) Miri Branch has raised concern over the growing number of illegal advertisements offering unlicensed loans, which often target vulnerable business owners.
It stressed that such quick unregistered loans, often suspected of involving ‘modern loan sharks’, not only violate the law but also carry long-term financial burdens and personal safety risks.
DUBS Miri Secretary, Khairul Sapardin Mohamad, also expressed concern over the accessibility of existing financing channels, saying many entrepreneurs turn to illegal options out of desperation.
“Many new entrepreneurs fall into these traps because they urgently need capital.
“But shortcuts like these only create long-term problems.
“We want our entrepreneurs to make smart decisions, and seek financial advice from legitimate sources,” he said in a statement.
As such, Khairul urged banks, financing agencies and grant providers to review their application procedures.
He noted that many applicants are not rejected due to ineligibility, but because the documentation requirements are too complex for micro businesses to fulfil.
In light of this, DUBS Miri is calling for more assistance and grant programmes to be introduced, particularly for B40 entrepreneurs, youth and women.
“Such efforts would not only reduce reliance on illegal loans but also help strengthen the resilience of local businesses.
“DUBS is ready to serve as a bridge between entrepreneurs, banks, financing bodies and government agencies to ensure information, opportunities and support reach the right people efficiently,” he added.
The statement further asserted that DUBS believes comprehensive support from all relevant parties is crucial.
With such support, a safe, progressive and inclusive entrepreneurial ecosystem can be developed to drive Sarawak’s economic growth.
