KUALA LUMPUR: The Entrepreneur and Cooperatives Development Ministry (KUSKOP), through its agency, Bank Rakyat, aims to approve up to RM50 million worth of applications for the Bank Rakyat Indian Entrepreneur Financing-i (BRIEF-i) program by August this year.
KUSKOP deputy minister Datuk Ramanan Ramakrishnan said that as of June 27, 2024, BRIEF-i has received over 1,000 inquiries from entrepreneurs nationwide.
Out of these, Bank Rakyat has approved 43 applications amounting to RM3.8 million, and 135 applications involving RM5.7 million in financing are currently being processed, he said.
"In my honest opinion, of course it has been stumbling here and there: irresponsible comments, sometimes demotivation. When we look at it, my target is that by August we will really finish this RM50 million.
"This is because in the span of 14 days, we already hit 10 per cent of the amount," he said during the BRIEF-i check presentation ceremony.
Bank Rakyat has allocated RM50 million through BRIEF-i specifically for Indian entrepreneur communities engaged in micro, small, and medium enterprises (MSMEs) for working capital and capital expenditure, enabling entrepreneurs to expand their businesses.
According to Ramanan, the collaboration between the government and financial institutions such as Bank Rakyat is crucial in assisting entrepreneurs to achieve their business goals.
With financing programs like BRIEF-i , he said the government ensures that more Indian entrepreneurs can access the necessary funds to expand their businesses, thereby driving socioeconomic development among the Indian community.
"As we are aware, BRIEF-i offers Shariah-compliant financing with competitive profit rates and flexible terms. This progressive step will greatly benefit Indian entrepreneurs.
"The BRIEF-i program is a prime example of how we can support entrepreneurship among minority communities, aligning with the country's aspirations and the mandate of Prime Minister Datuk Seri Anwar Ibrahim, to ensure that no one is left behind in the development progress," he said.
Meanwhile, Bank Rakyat chairman Datuk Mohd Irwan Mohd Mubarak said it is the banking group's hope that through the BRIEF-i program, it can help entrepreneurs innovate, access, and explore business opportunities in the digital era.
This will help to accelerate the growth and stability of the entrepreneurial sector towards a more progressive and inclusive socioeconomic development of the nation, he said.