Bukit Mertajam:The Entrepreneur and Cooperatives Development Ministry (KUSKOP) has announced a RM30 million allocation under the BERKAT Deepavali People's Business Festival Financing Scheme to assist Indian entrepreneurs in preparing for the upcoming festival.

According to BERNAMA News Agency, Minister Steven Sim highlighted that this special financing scheme is implemented through the National Entrepreneurial Group Economic Fund (TEKUN). It offers financing of up to RM30,000 with a profit rate of three percent per annum and a repayment tenure of up to 12 months.

The facility aims to support small traders needing short-term working capital to increase their stock and prepare for the festive season. This scheme is particularly beneficial for Deepavali entrepreneurs, bazaar operators, and Little India traders.

BERKAT Deepavali is open from today until November 8. Applications can be submitted through the TEKUN Online Application System or at TEKUN Nasional branch offices nationwide. It is available to Malaysian citizens from the Indian community aged between 18 and 65, and existing TEKUN entrepreneurs may apply, provided their total financing does not exceed RM100,000.

Minister Sim further explained that financing decisions for applications below RM100,000 must be made within seven days, with agencies instructed to expedite and simplify the process. KUSKOP will also assist applicants with poor credit records by considering factors such as cash flow and alternative credit assessments, although each application will still be subject to auditing and governance.

Previously, during the Ramadan People's Business Financing Scheme (BARAKAT) for Aidilfitri, TEKUN Nasional disbursed RM35 million to 5,590 entrepreneurs, exceeding the initial RM30 million allocation.