KUALA LUMPUR, April 3 — The National Entrepreneurial Group Economic Fund (Tekun Nasional) today announced an additional allocation of RM30 million for the Indian Community Entrepreneur Development Scheme’s (Spumi) initiative, dubbed Spumi Goes Big, to empower India entrepreneurs.

Deputy Minister of Entrepreneur Development and Cooperatives Datuk R. Ramanan said the additional allocation brings the total allocation for Indian entrepreneurs to RM60 million.

He said the scheme, offering financing from RM50,000 to RM100,000, is open to all existing Spumi entrepreneurs who had registered with the Inland Revenue Board (IRB).

“Among the sectors eligible for this scheme are small contractors, agriculture and agro-based enterprises, retail, services, manufacturing and online businesses.

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“I believe that through this initiative can produce entrepreneurs who are competitive and capable of achieving success, including penetrating international markets,” he told a press conference here today.

Ramanan said the entrepreneurs can apply for Spumi Goes Big financing at all Tekun Nasional branches starting April 15.

The initiative, he said, is expected to benefit more than 2,000 entrepreneurs.

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At the same time, Ramanan said that until last March, a total of 28,808 Indian entrepreneurs had received financing under Spumi with a value of RM450.5 million.

For the record, Tekun Nasional has received an allocation of RM421.5 million to implement SPUMI since 2008.

At the press conference, Ramanan also announced that Sentosa assemblyman Dr Gunaraj George has been appointed to the Tekun Nasional Board of Directors, while Batu Uban assemblyman A. Kumaresan to the Malaysian Cooperative Commission Board of Directors. — Bernama