KUSKOP to allocate RM50m funding for online entrepreneurs in 2023

SHAH ALAM: The Ministry of Entrepreneur Development and Cooperatives (KUSKOP) today announced an additional allocation of RM50 million for the National Entrepreneurial Group Economic Fund (TEKUN) Online Financing Scheme (SPOT) for 2023.

Its Minister, Tan Sri Noh Omar, said a RM10 million allocation was made for this year to help online entrepreneurs expand their businesses.

“We observe that online business attracts encouraging response and it involves many entrepreneurs, hence, TEKUN has introduced the (SPOT) scheme. For a start, we have allocated RM10 million two months ago (in August).

“Next year, we will add another RM50 million,“ he told reporters after launching the TEKUN National Entrepreneurship Seminar for the Shah Alam, Kota Raja, Kapar, and Klang parliamentary constituencies here, today.

He said a total of 253 applications for SPOT have been approved to date, involving a total financing of RM1.898 million.

Noh said the SPOT financing scheme also offers lower interest rate at 3.0 per cent compared to the normal interest rate of 4.0 per cent charged to borrowers.

“We want to encourage more entrepreneurs to venture into online business,” he said, adding that Bank Rakyat also provides a special allocation for online entrepreneurs. – Bernama