SUNGAI BULOH: Entrepreneurship funds for the Indian community have increased to RM100mil, says Datuk Seri R. Ramanan.
The Deputy Entrepreneur Development and Cooperatives Minister said the increased allocation is for the Indian Community Entrepreneur Financing Scheme (Spumi) and Spumi Goes Big Financing Scheme.
Funding applications may be made from Tuesday (Jan 14) through the National Entrepreneur Group Economic Fund (Tekun Nasional) offices or website, he added.
According to Ramanan, this is the biggest funding allocation for the Indian community since 2015.
“Last year, the funds given to Tekun for Spumi were used up, and year after year, it is not enough,” he said during Ponggal celebrations at Dewi Sri Maha Karumariamman Temple here.
Ramanan said the increased financing should benefit about 4,500 entrepreneurs under both schemes.
“Tekun loans have created 20,000 to 25,000 entrepreneurs.
“Our target with the new allocation is to create 4,500 to 5,000 new entrepreneurs,” he said, adding that the benefit will have a ripple effect on the entrepreneurs' family members.
He said the initial budget given for Spumi is RM30mil, with an additional RM70mil from Tekun’s internal funds to bring it up to RM100mil.
“Many asked why the budget was fixed last time because previously, other members of the government did not allow the internal funds (from Tekun) to be used but now the Prime Minister has allowed it,” Ramanan said.
The application process usually takes around 14 days, but feedback from applicants showed that some were approved in four to seven days, he added.
“I hope the Indian community will take this opportunity to apply and take your business to the next level,” he said.
He also urged borrowers to repay loans on time to help more entrepreneurs.
The Spumi financing scheme allows applicants to borrow RM1,000 to RM50,000, while for Spumi Goes Big, applicants can borrow from RM50,000 to RM100,00.
