KBS, MEDAC launch sports industry financing scheme

PUTRAJAYA: The Ministry of Youth and Sports (KBS) and Ministry of Entrepreneur Development and Cooperatives (MEDAC) today launched the Sports Industry Financing Scheme with an allocation of RM20 million to assist industry players affected by the COVID-19 pandemic.

Youth and Sports Minister Datuk Seri Reezal Merican Naina Merican said that the scheme, which prioritises owners and operators of sports premises and facilities and to be jointly implemented with National Entrepreneur Group Economic Fund (TEKUN Nasional) and Bank Rakyat, was also targeted at helping to provide new synergies to industry players through soft loans.

He said the initiative could create synergies in terms of easy financing for owners and operators of sports facilities post-pandemic.

He was confident that the scheme would benefit over 4,200 sports and recreational industry entrepreneurs, especially owners and operators of facilities and premises registered under the COVID-19 Intelligent Management System (CIMS 3.0) developed by the Ministry of International Trade and Industry (MITI).

"Through this scheme, industry players and entrepreneurs can apply for funding from a minimum of RM1,000 to a maximum of RM500,000 based on the conditions set," he said at the launch of the scheme here today.

SPORTS-SCHEME (REEZAL) 2 (LAST) PUTRAJAYA

"I really hope that sports and recreational industry entrepreneurs out there will use this opportunity to revive their business development strategies," Reezal Merican said.

Also present at the launch was MEDAC Deputy Minister Datuk Mas Ermieyati Samsudin.

"MEDAC and I hope that this scheme, through the distribution of RM10 million each to TEKUN Nasional and Bank Rakyat will help sports industry owners in the country, especially those impacted by the pandemic," said Mas Ermieyati.

The Sports Industry Financing Scheme through TEKUN Nasional is for entrepreneurs with a paid-up capital not exceeding RM300,000 while the one through Bank Rakyat is for those with a paid-up capital exceeding RM300,000.

The Youth and Sports Ministry will provide special TEKUN and Bank Rakyat counters at Menara KBS for any enquiries as well as for receiving applications from industry players.

More information on the details, conditions and how to apply for the scheme can be obtained via www.tekun.gov.my as well as www.irakyat.com.my.

-- BERNAMA