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Sandakan’s youth entrepreneurs seek soft loans for bigger business | Scoop
Sandakan MP Vivian Wong (right) representing Sabah’s entrepreneurship minister Phoong Jin Zhe at the Malaysia Day Expo in Sandakan. – REBECCA CHONG/Scoop pic, September 15, 2023
News

Sandakan’s youth entrepreneurs seek soft loans for bigger business

Limited finances hinders them from expansion, says business group leader

Main Author Image
Rebecca Chong
Updated
9:00 PM MYT

 

SANDAKAN – In the midst of a stagnant economy, young entrepreneurs in Sandakan are hoping to apply for soft loans to expand their businesses outside of the district.

Tan Chun Ho, the vice-secretary of the Sandakan Chinese Chamber of Commerce, said that since the pandemic, the youth in Sandakan have grown interested in selling homemade products such as packaged food, but they could not penetrate the market outside the district due to their limited financial capability.

He said a lot of SME entrepreneurs here, especially the youth, are finding it difficult to apply for soft loans.

“It is a shame to see that these ambitious entrepreneurs are stuck because of financial limitations. We hope that the government could provide more soft loans for SME operators and make the application process easier,” he told Scoop when met at the Malaysia Day Expo at SMK Tiong Hua here.

The event saw 48 local entrepreneurs and companies from sectors such as food and beverages, education, property, vehicles and heavy equipment participate. About 73 booths were set up.

Tan said that the expo is to provide a platform for Sandakan’s entrepreneurs and companies to promote and share their products, expanding their market.

Tan Chun Ho, who is vice-secretary of the Sandakan Chinese Chamber of Commerce, at the Malaysia Day Expo in Sandakan. – REBECCA CHONG/Scoop pic, September 15, 2023

The inaugural event, which was organised by the Sandakan Chinese Chamber of Commerce, was graced by the state’s entrepreneurship minister, Phoong Jin Zhe.

Meanwhile, in his speech, Phoong said that he has been working closely with the federal government through discussions with federal minister Datuk Ewon Benedick, who is also from Sabah and handles entrepreneur development.

In addition, he said the Sabah cabinet has approved the setting up of a coordination committee on entrepreneurship development, in order to discuss issues faced by entrepreneurs and to coordinate funds from both the state government and Putrajaya.

The Malaysia Day Expo that started today will continue until Sunday.

Also present at the opening ceremony were Sabah United Chinese Chamber of Commerce president Tan Sri Andrew Liew; Indonesia’s consul-general in Kota Kinabalu, Rafail Walangitan; Sandakan Municipal Council president Henry Idol; Elopura assemblyman Calvin Chong; as well as other local leaders. – September 15, 2023

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