KUSKOP introduces 'umbrella concept' to help entrepreneurs - Noh Omar
Bernama
August 3, 2022 22:00 MYT
August 3, 2022 22:00 MYT
The Ministry of Entrepreneur Development and Cooperatives (KUSKOP) has introduced the "umbrella concept" with an allocation of RM5 million to help entrepreneurs boost the production of local products, said its minister Tan Sri Noh Omar. - Astro AWANI
SHAH ALAM: The Ministry of Entrepreneur Development and Cooperatives (KUSKOP) has introduced the "umbrella concept" with an allocation of RM5 million to help entrepreneurs boost the production of local products.
KUSKOP Minister Tan Sri Noh Omar said that for a start, funds will be allocated through the Rural Economic Development Scheme (SPED) implemented in collaboration with the Ministry of Rural Development (KPLB).
He said the umbrella concept aims to facilitate financial assistance to a company that wants to expand its stockist and agent business.
"For starters, we are trying RM5 million, we will see how is the response from the entrepreneurs. The allocation from KPLB is placed under Bank Rakyat and SME Bank under the purview of KUSKOP.
"The maximum financing is RM100,000. Applications can be made at Bank Rakyat and SME Bank," he told the media after Aducktive Food Sdn Bhd's product launch ceremony here today.
The minister explained that the umbrella concept enables approval of bulk financing by a company and avoids repeated applications to the bank.
Also, the payment of the financing will be done in stages according to the conditions set, he said.
"So far, we have received 15 initial applications. We will comprehensively look at the entrepreneur's criteria before the bank approves the next process," he said.
-- BERNAMA