KUALA LUMPUR: A new funding programme under the Bumiputra Agenda Steering Unit (Teraju) aims to empower bumiputra companies with an allocation of RM100mil, says Rafizi Ramli.
The Economy Minister said the Islamic Working Capital Project Financing (i-WCPF) programme, which offers financing of up to RM1mil, is designed to provide fast and easy access financing for bumiputra companies in high-growth, high-value (HGHV) industries, with a financing period of up to 12 months.
"The product will be implemented as a syariah-compliant peer-to-peer (P2P) fund, enabling bumiputra companies to obtain short-term financing for their working capital.
"P2P financing is typically for two to three months, but sometimes companies have to wait for payments and don’t have enough time to turn around their capital.
"So, they can use invoices from companies or the government to secure funding,” he said at a press conference after launching the product at Teraju Connect 2024 held at M Hotel and Resort here Monday (Oct 14).
Rafizi added that the profit rates of the programme are also favourable compared to existing similar products.
"This will also create opportunities for other bumiputra companies that wish to participate by placing their funds, as the profit rates are better than, for example, placing their money in the bank," he said.
Rafizi also said the launch of this programme is part of the mandate given to Teraju to build a more comprehensive ecosystem to empower bumiputra companies.
"It is not just about the government providing funds, but we also need successful entrepreneurs to step in and mentor others in terms of training, networking, among others.
"My aim is for Teraju to take on the same role that the Chinese Chamber of Commerce plays in supporting Chinese companies in the non-bumiputra ecosystem.
“We want Teraju to reach that level so we can help more bumiputra companies," he added.
