14 May 2014

Federal government allocates RM5m for Bumiputera entrepreneurs in Penang

  14 May 2014


BUTTERWORTH, May 14 — The Federal Government has allocated RM5 million, via the Entrepreneur Working Capital Business Scheme, to Bumiputera entrepreneurs in Penang.

Penang Bumiputera Entrepreneurs Development Council Target Group chairman Muhamad Farid Saad said a total of RM930,000 in loans were approved for nine entrepreneurs since the fund was introduced in March.”We are aiming for 50 entrepreneurs to benefit from the scheme to start their business and for business expansion,” he told reporters after launching an entrepreneur seminar on ‘Business Talk’ 2014 here today.

Entrepreneurs can apply for a loan of between RM20,000 and RM200,000, with repayment interest of only two per cent.

Meanwhile, the Penang Bumiputera Entrepreneurs Expo will be held at the Kubang Menerong Entrepreneurs Transformation Square between May 31 and June 8 to promote products of local entrepreneurs.

Muhamad Farid said a total of 430 traders were expected to take part in the event, with sales of RM2 million expected to be clinched.

“We are expecting 100,000 visitors to visit the expo,” he said. — Bernama
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