SME Bank approves loans of RM11.02 million under OBF initiative

Deputy Minister of International Trade and Industry Datuk Ahmad Maslan said the ministry aims to accelerate loan approvals for online Bumiputera entrepreneurs through the initiative.

"So far, SME bank has approved loans to 82 entrepreneurs and ranging from RM20,000 to RM500,000," he added.

He told reporters this after speaking at the Fast Track Cyberpreneur Seminar here Tuesday.

Ahmad Maslan said the OBF initiative was launched in 2015 with a fund pool of RM10 million.

But, it has increased by RM1.02 million due to the concept of revolving funds.

In addition to the funding, Miti has also provided further assistance to online entrepreneurs, such as office space at SME bank, to give room for starts-up time to flourish in the initial stages.

"The e-trade programme by the Malaysia External Trade Development Corporation has helped entrepreneurs sell their products on notable e-commerce platforms.

"It includes Alibaba, Amazon, Ebay and a slew of other local sites," Ahmad said.

Some 180 participants from Yayasan Amal Maaruf Malaysia attended the seminar.