Image credit: MSN

KUALA LUMPUR: Entrepreneurs from the Indian community are set to get a boost with an additional RM30mil allocated to the Indian Community Entrepreneur Development Scheme (SPUMI).

This brings the total allocation for the scheme to RM60mil, making it the biggest allocation to date, said Deputy Entrepreneur Development and Cooperatives Minister Datuk R. Ramanan.

He said the initiative, dubbed "SPUMI Goes Big", aimed to empower and encourage more entrepreneurs from the community.

“This is their best chance to empower themselves in various sectors.

"We hope this will help Indian entrepreneurs uplift the socioeconomic status of their businesses,” he told a press conference after launching the initiative here on Wednesday (April 3).

He also pointed out that applicants may seek loans of between RM50,000 and RM100,000.

Ramanan said the programme would also help entrepreneurs take their businesses to the “next level”.

“Under the initial SPUMI programme, applicants could take loans to either pay rentals or increase their (stocks) at grocery stores and stay afloat.

“The loans may have been between RM1,000 and RM5,000 but under SPUMI Goes Big, they can be used to not only grow the business but also provide jobs,” he said.

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

For entrepreneurs who made their loan repayments on time and succeeded in their businesses, Ramanan said the ministry would recommend loans of up to RM10mil for them from Bank Rakyat and SME Bank.

Ramanan said the SPUMI 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.

Applications for the SPUMI Goes Big scheme begin on April 15.

Five documents need to be submitted by aspiring applicants to National Entrepreneurial Group Economic Fund (Tekun Nasional) offices.

They are copies of one’s national identification card, business or premises licence, a picture of the business location, bank statements from the previous three months, and a copy of one's income tax filing.

Applications must also be made in person at Tekun offices nationwide.