SemarakNiaga initiative receives RM45bil to spur business activity

KUALA LUMPUR: The SemarakNiaga 2023 initiative has been improved with a higher allocation of RM45 billion compared with RM40 billion in 2022 to spur business activity, said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz.

He said that allocation includes direct loans, alternative funding and funding guarantees.

"Next year, RM1.7 billion of the allocation will be used to fund micro-loans and business facilities to benefit small businesses.

"Among others, the Bank Simpanan Nasional (BSN) micro-loans with reading funding of RM950 million. This includes RM350 million for the Keluarga Malaysia Small Business Scheme, where RM150 million has been allocated for Bumiputera entrepreneurs,” he said when tabling the Budget 2023 with the theme ‘Keluarga Malaysia, Makmur Bersama’ in Parliament today.

Tengku Zafrul added that RM300 million had been allocated to TEKUN small business loans scheme that is specifically for Bumiputera, women, youth and the informal sector.

Meanwhile, he said RM200 million had been prepared for business loans for Chinese entrepreneurs with interest rates as low as four per cent.

"Micro-loan facilities under the Indian Community Entrepreneur Development Scheme (SPUMI) have been prepared with RM25 million in allocations. Apart from this, RM100 has also been prepared under the Malaysian Indian Transformation Unit (MITRA),” he added.

Tengku Zafrul said that under the iTEKAD social finance programme, the government would allocate RM10 million, to be matched by financial institutions via zakat payments and cash endowments. - Bernama

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!


Next In Business News

Oil rebounds after hitting 2022 lows, demand concerns cap gains
Financial planners urged to embrace technology to better serve clients
KL shares flat at midday
Elon Musk briefly loses top spot on Forbes billionaire list
Asia stocks edge up despite global growth worries
Malaysian banks remain steadfast in supporting economic recovery
Ringgit opens higher against US dollar
Muhibbah gets to increase orderbook with PETRONAS Carigali job
Quick take: KNM falls 10% in active trade over default concerns
FBM KLCI little changed in early trade

Others Also Read