SG BULOH — RM100 million will be allocated through Tekun Nasional to enhance the economic empowerment agenda for the Indian community, Deputy Minister of Entrepreneur Development and Cooperatives Datuk Seri R. Ramanan said today.
Of the sum, RM50 million would be channelled through the SPUMI Goes Big financing scheme, while the remaining RM50 million would be via the Indian Community Entrepreneur Development Scheme (SPUMI).
Both initiatives are expected to benefit nearly Indian entrepreneurs this year, helping them expand their businesses amid challenging economic conditions, Ramanan, who is also Sg Buloh MP, told a press conference in conjunction with a Ponggal celebration in his constituency, here, today.
“Before this, the government announced a RM30 million allocation, but this time it has been increased with an additional RM70 million using Tekun’s internal funds, making the full allocation for this year RM100 million.
“This sum is expected to directly benefit more than 4,500 entrepreneurs from the Indian community, opening doors for them to new opportunities in the business world,” Ramanan said.
He also said this was the highest amount allocated for the Indian community since 2008.
Ramanan said that Indian entrepreneurs interested in securing financing can submit their application via the Tekun Nasional website or visit any Tekun office starting today.
“Under SPUMI, Tekun offers loans ranging from RM1,000 to RM50,000 for eligible applicants, while SPUMI Goes Big provides financing between RM50,000 and RM100,000, with an approval process of less than 14 days,” he said.
Since the initiative was launched in 2008, over RM500 million has been disbursed to 26,804 Indian entrepreneurs nationwide.
Last year, RM58.9 million was allocated to 1,863 Indian entrepreneurs under SPUMI, while the SPUMI Goes Big scheme, launched in the same year, supported 287 entrepreneurs with a total financing of RM12.6 million.
“This initiative demonstrates the government’s concern and commitment to ensuring no one is left behind in the nation’s economic progress.
“Therefore, I hope the Indian community would seize this opportunity to improve their living standards and contribute significantly to the country’s economic development,” he said.
Ramanan also urged entrepreneurs who have secured financing to make regular payments to sustain the initiative and benefit more entrepreneurs in the future.
“When Tekun uses internal funds (for this initiative), the repayment must be made because if we do not repay that funding, we are depriving the next borrower of the opportunity (to secure funds),” he added. – January 14, 2025