Selangor: A special RM80 million festive financing initiative by the Entrepreneur Development and Cooperatives Ministry for micro-entrepreneurs will create opportunities for business expansion and help boost incomes ahead of major celebrations that are significant to the people's economy.

According to BERNAMA News Agency, Selangor Youth, Sports and Entrepreneurship Committee chairman Mohd Najwan Halimi stated that the initiative demonstrates the ministry's ongoing commitment to ensuring small traders are integral to the nation's economic growth. He expressed his support for the announcement by Minister Steven Sim Chee Keong regarding the provision of these special financing funds aimed at supporting and empowering micro-entrepreneurs nationwide.

Mohd Najwan further elaborated that under the TEKUN Nasional's Ramadan Business Financing Scheme for the People (BARAKAT), Bumiputera entrepreneurs in Selangor will have the chance to enhance their business capital with a substantial allocation of RM50 million. The scheme provides financing of up to RM30,000 per applicant, with a repayment period extending up to 12 months and a low-interest rate of only three per cent per annum.

He encouraged small traders to fully utilise this initiative to strengthen business sustainability throughout the festive season. Additionally, Mohd Najwan highlighted that Chinese entrepreneurs could also benefit from increased business capital in conjunction with the Chinese New Year celebration through the Special Financing Programme for Chinese-Owned Micro Enterprises (BERKAT). This programme, offered by SME Corp, has an allocation of RM30 million and provides financing up to RM30,000 with a profit rate as low as three per cent per annum. Funds will be channelled through the peer-to-peer (P2P) platform CapBay, regulated by the Suruhanjaya Sekuriti Malaysia, ensuring transparency and good governance.