Kuskop targets PENN funds to be fully distributed by 2025

KUALA LUMPUR – The Ministry of Entrepreneurship and Cooperative Development (Kuskop) aims to complete the distribution of funds for the Prosperity Empowerment and A New Normal for Indian Women (PENN) program under Amanah Ikhtiar Malaysia (AIM) by early next year.

Deputy Minister of Entrepreneurship and Cooperative Development, Datuk R Ramanan said, since it was introduced on April 13 until September 30 last year, a total of RM22.715 million has been channeled to 2,644 Indian women who have become AIM Entrepreneur Friends.

“On April 13, I launched the PENN program which means Prosperity, Empowerment, and a New Normal for Indian Women which is a special fund amounting to RM50 million provided to Sahabat Usahawan India AIM with a total funding of up to RM30,000.

“However, according to our target at the end of this year or the beginning of 2025, we will use up this fund,” he said.

He said this when met at the Briefing and Handover of PENN’s special fund funding ceremony.

In the meantime, Ramanan called on more Indian women, especially the young, and university graduates who have yet to find a job, to venture into entrepreneurship.

He said this is because Kuskop and the agencies provide many opportunities, training and financing schemes for those who are interested.

“Try to be an entrepreneur.

“Like AIM, you can make financing with very simple conditions.

“There is no need for business records or financial records. There are no guarantors, there is no need for business premises and documents that are difficult to fulfill,” he said.

He added, what is important is that you are a woman, a Malaysian citizen and really have the desire to do business.

Meanwhile, Ramanan said, AIM’s success can also be seen in removing more than 4 million households from the shackles of poverty and successfully maintaining the Non-Performing Loan (NPL) percentage of 0.09 per cent last year.

“The trend of increasing applications and approvals from time to time is also very encouraging with the state of Perak recording the most recipients, with a total of 818 recipients.

“This is followed by Selangor with 535 recipients and Pahang with 292 recipients,” he said.