PETALING JAYA – SME Corporation Malaysia (SME Corp. Malaysia) and Funding Societies have allocated a startup fund of RM6 million for young Bumiputera entrepreneurs under the newly launched Bumiputera Micro, Small, and Medium Enterprises Financing Initiative (BMFI) program.
The new financing initiative aims to enhance access to financing for micro, small, and medium enterprises (MSMEs) under the Tunas Usahawan Belia Bumiputera (TUBE) program by SME Corp. Malaysia. Funding Societies, as the appointed financial partner, will expand its digital financing solutions to young entrepreneurs through their Tunas-i Financing program.
Rizal Nainy, the Chief Executive Officer of SME Corp. Malaysia, stated that the fund is timely, considering the importance of supporting young individuals to achieve business growth in the current challenging environment.
„We hope to leverage our collaboration with Funding Societies to provide innovative and fast short-term financing solutions through a digital platform for Bumiputera MSMEs,“ he said in a statement released here.
Introduced in 2014, the TUBE program aims to encourage Bumiputera youth aged between 18 to 30 years to venture into entrepreneurship and develop resilience, discipline, and leadership in business management.
With the business knowledge gained from the TUBE program and additional financial support, entrepreneurs can strategically plan their business ventures, innovate offerings, and enhance their business operations effectively.
Under the TUBE program, 7,040 registered entrepreneurs and TUBE alumni have the opportunity to apply for Tunas-i Financing, with minimal documentation and no collateral requirements.
The program offers financing of up to RM100,000 with a maximum tenure of 24 months at a competitive profit rate of only two percent per annum (p.a.).
MSMEs can also benefit from the streamlined online application process, with approvals as quickly as within two working days. -KOSMO! ONLINE
In conclusion, the collaboration between SME Corp. Malaysia and Funding Societies to provide financing support for young Bumiputera entrepreneurs through the BMFI program is a significant step towards empowering the MSME sector. By offering accessible and innovative financing solutions, this initiative aims to foster the growth and sustainability of Bumiputera businesses, ultimately contributing to the overall economic development of Malaysia.