PUNB: 75% of 2019 Budget allocation given to Bumiputera entrepreneurs


  • Economy
  • Thursday, 24 Oct 2019

Perbadanan Usahawan Nasional Bhd chief executive officer Izwan Zainuddin said out of the total allocation, the top two beneficiaries were entrepreneurs from the automotive and food and beverage sectors.

KUALA LUMPUR: Perbadanan Usahawan Nasional Bhd (PUNB) has committed 75 per cent of its RM200 million allocation in the 2019 Budget as well as its internal funds to finance Bumiputera entrepreneurs’ business development activities.

Chief executive officer Izwan Zainuddin said out of the total allocation, the top two beneficiaries were entrepreneurs from the automotive and food and beverage sectors.

"We expect the available funds will be fully utilised by year-end.

"Through the 2020 Budget, PUNB has been allocated another RM150 million, and with our additional internal funds, we will continue our efforts to help the Bumiputera entrepreneurs, ” he told reporters on the sidelines of the National Retail Symposium (SParK) 2019 here, today.

The symposium was officiated by PUNB chairman Datuk Hazimah Zainuddin.

On Bumiputera entrepreneurs performance under its scheme, Izwan said they had performed quite well and had shown a lot of improvement, benefiting from the funds disbursed to them.

Moving forward, he said PUNB would remain focus on the retail and wholesale sectors.

"We have also undertaken a few other initiatives to empower them, which will be announced later, ” he said.

In another development, in an effort to expedite the financing process and avoid confusion among applicants, Izwan said he had decided to decategorise the funds to make it more open and standard and this was done over the past six months.

PUNB’s funds were previously segregated into eight categories, namely Prosper Teras (core) scheme, Prosper retail, Prosper mobile truck retail, Prosper wholesale, Prosper young entrepreneurs, budding young entrepreneurs, Small and Medium Enterprise, and business premise.

Izwan added the move was meant to improve the turnaround time to be on par with other financial institutions, which is an important element in entrepreneurship. - Bernama

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

   

Next In Business News

Wahid: Foreign shareholding remains above 20%, but not at pre-pandemic level
Bursa Malaysia closes broadly lower on continued profit-taking
Oil prices head for weekly drop on global economic slowdown worries
Two SAP staffers say HR mishandled their work-event rape claims
Asia stocks in limbo as dollar takes the lead
Elk-Desa Resources rides on recovery trend, posts RM17.59mil net profit in 1Q
TCS bags RM108.38mil construction job for Moxy Hotel
FBM KLCI dips into the red amid regional weakness
MN Holdings bags underground utilities contracts valued at RM10.5mil
Ringgit extends downtrend vs US$ on stronger US economic data

Others Also Read