The government has allocated RM30 million to help Indian entrepreneurs prepare their businesses ahead of Deepavali through the BERKAT Deepavali People’s Business Festival Financing Scheme, Entrepreneur and Cooperatives Development Minister Steven Sim said.
Implemented through TEKUN Nasional, the scheme offers financing of up to RM30,000 at a profit rate of three per cent a year, with a repayment period of up to 12 months.
Sim said the financing would provide short-term working capital for small traders to increase stock and prepare for the festival, particularly those in the food and beverage, clothing, and Deepavali-related equipment and supplies sectors.
Applications are open from Saturday until November 8 through the TEKUN Online Application System or at TEKUN Nasional branches nationwide.
The scheme is open to Malaysian citizens from the Indian community aged between 18 and 65. Existing TEKUN entrepreneurs may also apply, provided their total financing does not exceed RM100,000.
Sim said financing applications below RM100,000 must be decided within seven days, while applicants with weaker credit records may be assessed based on factors such as cash flow and alternative credit methods, subject to audit and governance requirements.
The scheme comes ahead of Deepavali next month, with Sim encouraging Deepavali entrepreneurs, bazaar operators and traders in Little India areas to utilise the financing facility.
