Entrepreneurs from the Indian community are poised to receive a significant boost with an additional RM30 million being allocated to the Indian Community Entrepreneur Development Scheme (SPUMI). This increased allocation brings the total funding for the scheme to RM60 million, marking it as the largest allocation in its history, according to Deputy Entrepreneur Development and Cooperatives Minister Datuk R. Ramanan.
Describing the initiative as “SPUMI Goes Big”, Ramanan highlighted that its primary objective is to empower and motivate more entrepreneurs from the Indian community. He expressed his optimism by stating, “This is their best opportunity to empower themselves across various sectors. We hope this will aid Indian entrepreneurs in enhancing the socioeconomic standing of their businesses.”
Speaking at a press conference following the launch of the initiative on Wednesday, Ramanan emphasized that applicants will now have the option to apply for loans ranging from RM50,000 to RM100,000. He also stated that the programme is designed to assist entrepreneurs in scaling up their businesses to the “next level”.
Referring to the original SPUMI programme, Ramanan noted that previous loan amounts ranged from RM1,000 to RM5,000 and were primarily used for rental payments or increasing stock levels in grocery stores. However, with the introduction of SPUMI Goes Big, applicants will now have the opportunity to not only expand their businesses but also create job opportunities.
For instance, Ramanan illustrated that a small grocery mart owner could utilize the loan to open additional outlets and hire more staff. Additionally, entrepreneurs who have successfully repaid their loans and demonstrated business growth may be recommended for loans up to RM10 million from Bank Rakyat and SME Bank.
Emphasizing that the SPUMI initiative aligns with Prime Minister Datuk Seri Anwar Ibrahim’s vision of ensuring that “no one will be left behind”, Ramanan described it as reflecting the Madani concept. The applications for the SPUMI Goes Big scheme are scheduled to commence on April 15.
Aspiring applicants are required to submit five documents to the National Entrepreneurial Group Economic Fund (Tekun Nasional) offices, including copies of their national identification card, business or premises license, a photograph of the business location, bank statements from the preceding three months, and a copy of their income tax filing. Applications should be made in person at Tekun offices nationwide.
