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KUSKOP has sanctioned RM204.5 million in financing for Indian entrepreneurs, with the support extended through November 2024

The Ministry of Entrepreneur and Cooperatives Development (KUSKOP), through Tekun Nasional, has sanctioned RM204.5 million in financing for 9,412

KUSKOP has sanctioned RM204.5 million in financing for Indian entrepreneurs, with the support extended through November 2024

The Ministry of Entrepreneur and Cooperatives Development (KUSKOP), through Tekun Nasional, has sanctioned RM204.5 million in financing for 9,412 entrepreneurs under the Indian Community Entrepreneur Development Scheme (SPUMI) from 2019 to November 2024.

According to Deputy Minister of KUSKOP Datuk Seri R Ramanan, 1,877 entrepreneurs, or 20% of the total, have been listed with credit reporting agencies as a result of nonpayment.

He said that Tekun Nasional has taken steps to solve the problem, including working with the Credit Counselling and Debt Management Agency (AKPK) to offer financial education programs and closely observing business owners to guarantee repayment compliance.

“Lastly, providing restructuring options, like longer payment periods or lower monthly installments, for those who are having financial difficulties,” he stated during a Q&A session held today in the Dewan Negara.

When Senator Datuk Sivaraj Chandran asked him how many borrowers were placed on a blacklist for regularly defaulting on SPUMI loans and what steps were being taken to resolve the problem, he was answering.

According to Ramanan, the ministry supports business recovery by providing extra loans to borrowers who maintain regular payments for six months in a row.

In the case of restructuring, payments can be as low as RM30 per month. However, since they would restrict other entrepreneurs’ ability to grow their enterprises, loan write-offs are not an option,” he continued.

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