64,179 BUMIPUTERA ENTREPRENEURS RECEIVED RM743.86 MILLION IN FINANCING - EWON

KUALA LUMPUR, Oct 8 (Bernama) -- A total of 64,179 new Bumiputera entrepreneurs have received financing amounting to RM743.86 million through various agencies under the Ministry of Entrepreneur Development and Cooperatives as of Aug 31.

Its Minister Datuk Ewon Benedick said that in line with the Public Service Reform Agenda (ARPA), his ministry has implemented several initiatives to streamline processes, reduce bureaucracy, and accelerate the approval and disbursement of financing.

In terms of improving application procedures, Ewon said the National Entrepreneurial Group Economic Fund (TEKUN Nasional) has significantly streamlined its process by reducing the required documentation from 17 documents to just four essential ones. Additionally, the approval period for applications has been shortened from 21 days to only seven working days.

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“In addition, Amanah Ikhtiar Malaysia (AIM) has simplified its application process by requiring only a copy of the applicant’s MyKad, without the need for registration with the Companies Commission of Malaysia (SSM). Complete applications will be processed within 16 working days,” he said during a question-and-answer session in the Dewan Rakyat today.

He said this in his reply to a question from Datuk Seri Saifuddin Abdullah (PN-Indera Mahkota), who had asked about the measures taken by the ministry to enhance grant and business loan application services for Bumiputera entrepreneurs who are new to the business sector.

Ewon said that the Small and Medium Enterprises Corporation (SME Corp) has introduced a digital ecosystem through the MSME Rating and Incentive Integrated System, or MyBPI System, to streamline and simplify the process for youth entrepreneurs to apply for and claim assistance under the Tunas Usahawan Belia Bumiputera (TUBE) programme online.

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“SME Bank has introduced an online application process, including communication channel facilities for advisory and guidance services throughout the application process, while PERNAS (Perbadanan Nasional Berhad) has developed the S3P E2E Financing System for efficient and transparent digital financing management,” he said.

He also said that Bank Rakyat has introduced the Quick Response to Entrepreneurs (QR2E) online platform to facilitate easier access for new entrepreneurs to apply for business financing initiatives and other banking products offered.

Ewon said that after the financing is approved and disbursed, agencies under the ministry continue to monitor the progress of the entrepreneurs involved.

“There are agencies that conduct weekly monitoring, some on a monthly basis, while others carry out periodic reviews throughout the year. There are also agencies that assess the performance and impact of the financing provided to the entrepreneurs,” he said.

-- BERNAMA