PUNB offers financing scheme for retrenched individuals

Chairman Tan Sri Noh Omar said the financing scheme is open to all bumiputera individuals aged between 18 and 45 years old who were retrenched due to the COVID-19 pandemic and plan to start a business or owns businesses registered after March 2020.

He said the financing can be used for working capital and purchase of equipment as well as machinery for business operations.

"The profit rate charged to entrepreneurs is only 3.5 per cent per annum based on the monthly balance, with the maximum payment period of up to five years and six months.

"The recipients will be given an automatic six-month payment deferral from the date of disbursement of the fund," he said in a statement today.

Noh said the individuals will have the opportunity to attend courses and training sessions to enhance their entrepreneurial skills and knowledge in financial management, marketing, corporate governance and general management.

They also have the opportunity to rent PUNB-owned business premises at competitive rental rates, he said, adding that a rebate of up to 50 per cent of the total financing will be given to good payers.

The SPUR is currently open for applications online via www.punb.com.my, and successful applicants will be notified within 20 working days after the presentation of their business plans have been evaluated by a jury of evaluators.