BUKIT MERTAJAM: The Entrepreneur and Cooperatives Development Ministry has allocated RM30mil under the Berkat Deepavali People's Business Festival Financing Scheme to help Indian entrepreneurs prepare their businesses ahead of the festival next month.
Its minister Steven Sim said the special financing scheme, implemented through the National Entrepreneurial Group Economic Fund (Tekun), offers financing of up to RM30,000, with the interest rate being profit rate of three per cent per annum and a repayment tenure of up to 12 months.
He said the facility was particularly important for small traders who needed short-term working capital to increase their stock and make preparations for the festive season.
"Deepavali is now just one month away, so I am announcing the Berkat Deepavali scheme for Indian entrepreneurs and traders involved in Deepavali-related businesses.
"With an allocation of RM30mil, financing of up to RM30,000 and a rate of 3%, we hope Deepavali entrepreneurs, Deepavali bazaar operators and Little India traders can benefit from this allocation,” he told reporters after attending the Madani Kita Programme Bukit Mertajam at the Santuari Business Centre here on Saturday (Oct 3).
Sim said the financing could be used as additional working capital, particularly by small traders and hawkers in the food and beverage, clothing, and Deepavali-related equipment and supplies sectors.
He said Berkat Deepavali is open from Saturday until Nov 8, and applications can be made through the Tekun Online Application System or at Tekun Nasional branch offices nationwide.
The scheme is open to Malaysian citizens from the Indian community aged between 18 and 65, while existing Tekun entrepreneurs may also apply, provided the total financing received does not exceed RM100,000.
On the approval process, Sim said his ministry had stipulated that decisions on financing applications below RM100,000 must be made within seven days. The relevant agencies have also been instructed to expedite and facilitate Berkat Deepavali applications.
He said his ministry would also assist applicants with poor credit records by considering other factors, including cash flow and alternative credit assessment methods. However, each application would remain subject to proper auditing and governance.
Previously, under the Ramadan People's Business Financing Scheme (Barakat) held in conjunction with Aidilfitri from February to March, Tekun Nasional disbursed RM35mil to 5,590 entrepreneurs, exceeding the initial allocation of RM30mil. — Bernama
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