RM30mil boost for Indian biz

KUALA LUMPUR: Entrepreneurs from the Indian community are set to get a RM30mil boost, following an additional allocation for the Indian Community Entrepreneur Development Scheme (Spumi).

Dubbed ‘Spumi Goes Big,’ Deputy Entrepreneur Development and Cooperatives Minister Datuk R. Ramanan said this brings the total allocations to RM60mil, its biggest to date.

He said the scheme aimed to empower and encourage more entrepreneurs from the Indian community.

It was launched through the National Entrepreneurial Group Economic Fund (Tekun Nasional).

“This is their best chance to empower themselves in various sectors. We hope this will help Malaysian-Indian entrepreneurs uplift their businesses,” he told reporters during a press conference here after launching the initiative yesterday.

Ramanan said applicants for the Spumi Goes Big scheme can apply for loans of between RM50,000 and RM100,000, adding that it would assist them in taking their businesses to the “next level”.

Under the original Spumi programme, Ramanan said applicants may have taken the loans to either pay backdated rents or to purchase raw materials for their business.

“The loans may have ranged from RM1,000 to RM5,000.

“Loans under Spumi Goes Big, however, can be used to not only grow the business further, but also provide jobs for others.

“For example, someone who runs a small grocery mart can use the loan to open their second or third outlet and employ others,” he added.

Among the sectors that can receive aid are small contractors, agriculture sector workers, retailers and manufacturers.

For entrepreneurs who make their loan repayments on time and succeed in their business, Ramanan said the ministry would recommend them to Bank Rakyat and SME Bank, where they can get loans of up to RM10mil.

He said this initiative was also in line with Prime Minister Datuk Seri Anwar Ibrahim’s call that “no one will be left behind”.

“This is the Madani concept,” he added.

Ramanan said some 28,808 Malaysian-Indian entrepreneurs have also received loans amounting to RM450.5mil through Spumi as of March this year.

Applications for the Spumi Goes Big scheme start from April 15.

Forms can be downloaded online and submitted by applicants to any of the 183 Tekun Nasional offices nationwide.

Applicants are required to furnish a copy of their identity card, business or premises licence, a picture of the business location, bank statements from the previous three months, as well as a copy of their income tax filings.

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