RM80 Mln Festive Financing To Boost Micro-Entrepreneurs -- Selangor Exco

KUALA LUMPUR, Feb 7 (Bernama) -- A special RM80 million festive financing initiative by the Entrepreneur Development and Cooperatives Ministry for micro-entrepreneurs will create opportunities for business expansion and help boost incomes ahead of major celebrations that are significant to the people’s economy. 

Selangor Youth, Sports and Entrepreneurship Committee chairman Mohd Najwan Halimi said the initiative reflects the continued commitment of the ministry to ensure that small traders are not left behind in the country’s economic development.

“I welcome the announcement by the minister Steven Sim Chee Keong on the provision of special financing funds aimed at assisting and empowering micro-entrepreneurs nationwide,” he said in a statement today.

He said under the TEKUN Nasional’s Ramadan Business Financing Scheme for the People (BARAKAT), Bumiputera entrepreneurs in Selangor would have the opportunity to increase their business capital through a total allocation of RM50 million.

The scheme offers financing of up to RM30,000 per applicant, with a repayment period of up to 12 months and a low interest rate of only three per cent per annum.

“This initiative should be fully utilised by small traders to strengthen business sustainability throughout the festive season,” Mohd Najwan said.

At the same time, he said Chinese entrepreneurs would also have the opportunity to increase their business capital in conjunction with the Chinese New Year celebration through the Special Financing Programme for Chinese-Owned Micro Enterprises (BERKAT), offered by SME Corp with an allocation of RM30 million.

He said the programme provides financing of up to RM30,000 with a profit rate as low as three per cent per annum, to be channelled through the peer-to-peer (P2P) platform CapBay, which is regulated by the Suruhanjaya Sekuriti Malaysia, thereby ensuring transparency and good governance.

-- BERNAMA