KUALA LUMPUR, June 5 (Bernama) — Bank Rakyat has allocated RM50 million via the Bank Rakyat Indian Entrepreneur Financing-i (BRIEF-i) programme to assist the Indian entrepreneur community operating micro, small and medium enterprises (MSMEs) in terms of working capital and capital expenditure for business expansion.
Deputy Entrepreneur Development and Cooperatives Minister Datuk Ramanan Ramakrishnan said BRIEF-i is a testament to Bank Rakyat’s dedication to inclusivity as well as holistic and comprehensive socioeconomic development for Malaysian communities since its establishment 70 years ago.
This assistance for the Indian entrepreneur community will help to achieve the government’s aspiration in eradicating hardcore poverty and bridging the economic gap for a prosperous MADANI Malaysia, he said.
“BRIEF-i is an initiative that can create a brighter future for the Indian entrepreneur community. I believe that by supporting the Indian entrepreneur community, we can nurture a more diversified, resilient and prosperous economy for all,” he said at the launch of BRIEF-i on Wednesday.
Ramanan said BRIEF-i has several advantages over other financing programmes in the market.
For micro enterprises, it offers a flat rate of 6.50 per cent per annum with a financing amount of RM1,000 to RM50,000.
As for small and medium enterprises (SMEs), the financing rate is base financing rate (BFR) plus 0.67 per cent per annum with a guarantee fee, and the financing amount is between RM50,001 and RM1 million.
“Unlike some financing programmes, BRIEF-i does not require the entrepreneur to have forced savings or to participate in a self-help group. This frees the entrepreneurs to focus fully on their business without any additional constraints,” he said.
He said BRIEF-i also has a simple documentation process compared with other financing programmes, aimed at facilitating an easy and swift application. Syarikat Jaminan Pembiayaan Perniagaan (SJPP) guarantee is also provided for SME clients, while takaful protection is provided free of charge for micro enterprises.
The approval process takes only 14 working days.
To be eligible, micro enterprises must have been in operation for at least a year with satisfactory CTOS and Central Credit Reference Information System (CCRIS) records while SME entrepreneurs must have been in operation for a minimum of two years, maintain satisfactory CTOS and CCRIS records and possess a positive net asset value,” he said.
