BERKAT Deepavali: RM30 Million to Empower Indian Entrepreneurs, Applications Open Today – Steven Sim
BUKIT MERTAJAM: The Ministry of Entrepreneur Development and Cooperatives (KUSKOP) has allocated RM30 million under the Biaya Festival Perniagaan Rakyat (BERKAT) Deepavali financing scheme to help Indian entrepreneurs prepare their businesses for the festival next month.
Entrepreneur Development and Cooperatives Minister Steven Sim said the special scheme, offered through Tabung Ekonomi Kumpulan Usaha Niaga (TEKUN) Nasional, provides financing of up to RM30,000 at a profit rate of three per cent per annum for a period of 12 months.
He said the facility is particularly important for small traders who require short-term working capital to increase their stock and make preparations ahead of the festive season.
“Deepavali is one month away, so I am announcing the BERKAT Deepavali scheme for Indian entrepreneurs and traders.
“We hope Deepavali entrepreneurs, Deepavali bazaar traders and those operating in Little India can benefit from this allocation,” he told reporters after attending the MADANI Kita Programme (PMK) Bukit Mertajam at the Santuari Business Centre here today.
Steven said the financing could be used as additional working capital, particularly by small traders and hawkers in the food and beverage, clothing, as well as equipment and supplies sectors in conjunction with Deepavali.
He said BERKAT Deepavali is open for applications from today until Nov 8, with applications available through the TEKUN Online Application System or at TEKUN Nasional branches nationwide.
The scheme is open to Malaysian citizens from the Indian community aged between 18 and 65. Existing TEKUN entrepreneurs are also eligible to apply, provided their total financing does not exceed RM100,000.
Commenting on the approval process, Steven said KUSKOP has stipulated that decisions on financing applications below RM100,000 must be made within seven days, while relevant agencies have also been instructed to expedite and facilitate BERKAT Deepavali applications.
He said KUSKOP would assist applicants with poor credit records by considering other factors, including cash flow and alternative credit assessment methods. However, every application remains subject to auditing requirements and good governance practices.
Previously, under the Biaya Ramadan Perniagaan Rakyat (BARAKAT) Aidilfitri scheme from February to March, TEKUN Nasional disbursed RM35 million to 5,590 entrepreneurs, exceeding the initial allocation of RM30 million.
Bernama