SHAH ALAM, Feb 7 — The Entrepreneur and cooperatives Development Ministry’s (KUSKOP) special fund is a welcome move to empower micro-entrepreneurs nationwide, especially ahead of the festive season, said state executive councillor for youth, sports and entrepreneurship Mohd Najwan Halimi.
He said the announcement by KUSKOP Minister Steven Sim Chee Keong brings relief to petty traders facing current economic challenges.
He added that as Ramadan approaches, Bumiputera entrepreneurs in Selangor can add to their business capital through the People’s Business Ramadan Financing Scheme (BARAKAT) by TEKUN Nasional, with an overall allocation of RM50 million.
Najwan said the scheme offers a maximum fund of RM30,000 per applicant over up to 12 months, and a low profit rate of just 3 per cent per annum.
“This initiative should be fully utilised by petty traders in strengthening business continuity during festive seasons,” he said in a statement.
Najwan also said Chinese entrepreneurs may also gain more business capital for Chinese New Year, through the Special Financing Programme for Chinese-Owned Micro Enterprises (BERKAT) by SME Corp.
BERKAT involves an allocation of RM30 million and provides funding of up to RM30,000 at a profit rate from as low as 3 per cent per annum.
The funding will be channelled via the CapBay Peer-to-Peer platform, which is regulated by the Securities Commission to ensure transparency and good governance.
Najwan said that despite global uncertainty and economic challenges, the funding schemes reflect KUSKOP’s continuous commitment to include petty traders in economic development.
He added that the effort not only provides space for business expansion, but improves entrepreneurs’ revenue ahead of two major festive periods that are significant to the people’s economic landscape.
