Malaysia allocates RM30 million for Deepavali entrepreneur scheme

The Ministry of Entrepreneur Development and Cooperatives (KUSKOP) has allocated RM30 million through the BERKAT Deepavali scheme to support Indian community entrepreneurs in preparing for the upcoming festival.

Announced by Minister Steven Sim, the special scheme via TEKUN Nasional offers financing of up to RM30,000 with a three percent annual profit rate for a 12-month period. The funds are intended to provide working capital for small traders, particularly in the food and beverage, clothing, and equipment sectors, to increase stock ahead of the celebrations.

Applications are open from today until November 8 through the TEKUN Online application system or TEKUN Nasional branches nationwide. The scheme is available to Malaysian citizens of Indian descent aged 18 to 65. Existing TEKUN entrepreneurs may also apply, provided their total financing does not exceed RM100,000. KUSKOP has mandated that decisions for applications under RM100,000 be made within seven days.