KUALA LUMPUR: Bank Rakyat has allocated RM50 million via the Bank Rakyat Indian Entrepreneur Financing-i (BRIEF-i) programme to assist the Indian entrepreneur community operating micro, small and medium enterprises (MSMEs) in terms of working capital and capital expenditure for business expansion.
Deputy Entrepreneur Development and Cooperatives Minister Datuk Ramanan Ramakrishnan said BRIEF-i is a testament to Bank Rakyat’s dedication to inclusivity as well as holistic and comprehensive socioeconomic development for Malaysian communities since its establishment 70 years ago.
“This assistance for the Indian entrepreneur community will help to achieve the government’s aspiration in eradicating hardcore poverty and bridging the economic gap,” he said during the launching of the programme.
“By supporting the Indian entrepreneur community, we can nurture a more diversified, resilient and prosperous economy for all,” he added, saying that the programme has several advantages over other financing programmes in the market.
For micro enterprises, it offers a flat rate of 6.5% per annum with a financing amount of RM1,000 to RM50,000, while the financing rate for SMEs is a base financing rate (BFR) plus 0.67% per annum with a guarantee fee with the amount between RM50,001 and RM1 million.
“Unlike some financing programmes, BRIEF-i does not require the entrepreneur to have forced savings or to participate in a self-help group. This frees them to focus on their business without any additional constraints,” he continued.
Ramanan also said that the programme has a simple documentation process compared to other financing programmes and it aims to facilitate swift applications as the approval process only takes 14 days.
Syarikat Jaminan Pembiayaan Perniagaan (SJPP) guarantee is also provided for SME clients, while takaful protection is provided free of charge for micro businesses.
To be eligible, the business must have been in operation for at least a year with satisfactory CTOS and Central Credit Reference Information System (CCRIS) records while SME entrepreneurs must have been in operation for a minimum of two years, maintain satisfactory CTOS and CCRIS records and possess a positive net asset value,” he said.
— BERNAMA
