Kuala lumpur: The Ministry of Entrepreneur Development and Cooperatives (KUSKOP), through TEKUN Nasional and SME Corp Malaysia, has introduced two special financing schemes totalling RM80 million to strengthen micro-entrepreneurs' access to financing during the festive season.

According to BERNAMA News Agency, the initiatives include the Skim Biaya Ramadan Perniagaan Rakyat (BARAKAT) worth RM50 million for Ramadan and Aidilfitri, managed by TEKUN Nasional, and the Special Financing Programme for Chinese-Owned Micro Enterprises (BERKAT) amounting to RM30 million for the Chinese New Year, administered by SME Corp Malaysia.

The BARAKAT scheme targets small traders and Malay micro-entrepreneurs involved in Ramadan markets and bazaars, offering a three per cent interest rate. The financing serves as working capital for restocking and promotions during Ramadan.

TEKUN Nasional provides financing of up to RM30,000 for BARAKAT, with a repayment period of up to 12 months. The scheme is designed to benefit traders in food and beverage, clothing, and essential goods sectors during Ramadan and Aidilfitri. Approximately 1,666 applicants can apply for this scheme.

For the BERKAT scheme, approximately 1,000 applicants can apply, and it is aimed at Chinese-owned micro enterprises. It provides access to financing through a Peer-to-Peer (P2P) financing platform, offering invoice financing and capital of up to RM30,000. The fund is specifically for traders from the Chinese community, focusing on businesses related to the Chinese New Year and the food sector.

The schemes align with KUSKOP's vision to support Malaysian traders, enhancing productivity, simplifying bureaucracy, improving access to capital, and expanding market accessibility.