Prime Minister Datuk Seri Najib Razak on Friday announced two government initiatives to ease the burden of the needy and help the young people to start business.

He announced a RM50 million allocation for the implementation of the "Karisma Hati Rakyat" programme under the Women, Family and Community Development Ministry, and also launched the Young Entrepreneur Fund managed by SME Bank.

Under the "Karisma Hati Rakyat" programme, recipients, totalling 200,000 people, will receive a one-off payment of RM200 each for those in the peninsular and RM300 each for recipients in Sabah and Sarawak.

"The voucher will be given to those eligible, comprising those in need of schooling aid, groceries and special needs, like a wheelchair," he said when opening the Perak Urban Transformation Centre (UTC) here.

Najib said the voucher had to be redeemed before March 31.

On the Young Entrepreneur Fund, Najib said it was to assist youths aged 30 and below to start their business.

"This is to generate more successful entrepreneurs among the young people," he added.

Meanwhile, SME Bank managing director Datuk Mohd Radzif Mohd Yunus said the RM50 million fund would provide financing of RM50,000 to RM100,000 to those eligible with a repayment period of up to seven years, including one year grace period.

Those given the loan would be required to attend a four-day entrepreneurial course handled by SME Bank, he told reporters after Najib launched the fund at the SME Bank lot at the UTC.

Mohd Radzif said the criteria for those applying for the loan included Malaysians between the age of 18 and 30, owned a business and possessed at least an entrepreneurial or vocational certificate.

Prior to this, the prime minister had announced the special aid voucher and Young Entrepreneur Fund when tabling the 2013 Budget.