KUALA LUMPUR: The RM50mil allocation provided under the Bank Rakyat Indian Entrepreneur Financing-i (BRIEF-i) aimed at micro, small, and medium enterprises (MSMEs) is expected to be fully utilised by August or September, said Deputy Entrepreneur Development and Cooperatives Minister Datuk R.Ramanan.

He said this is because 10% of the fund had already been disbursed to eligible entrepreneurs since it was launched on June 5.

“…I would say maybe by August or September we would finish this RM50mil because, in a span of 15 days, we’ve already hit the 10% amount,” he told reporters after handing over the mock cheques for the financing programme to the recipients at Menara Berkembar Bank Rakyat, on Friday (June 28).

Ramanan said the ministry, in collaboration with Bank Rakyat, has approved 43 applications for financing totalling RM3.8mil, while another 135 applications are being processed involving a financing amount of RM5.7mil.

“The cooperation between the government and financial institutions such as Bank Rakyat is significant in assisting Indian entrepreneurs to achieve their business goals,” he said.

On complaints that the lack of halal certification will complicate the application process, Ramanan said Indian entrepreneurs involved in the food and beverage sector without the certification would be referred to the Tabung Ekonomi Kumpulan Usaha Niaga (Tekun).

BRIEF-i is designed to help Indian entrepreneurs involved in MSMEs with their working capital and allow them to expand their businesses.

Kasturi Enterprise curry factory owner J.Jayanderan, 47, said the application procedure for the financing was straightforward, adding that his application was approved within two days.

“I brought my documents, including the halal certification to the Bank Rakyat branch in Kota Bharu, Kelantan. I obtained financing of RM600,000 and this fund will help me to expand my business,” he said.

A textile wholesaler K.Valliamma, 49, who received RM220,000 through the financing programme, said she plans to set up a branch, adding that it only took three days to get approval. – Bernama