BUTTERWORTH (BERNAMA) – Penang Regional Development Authority (Perda) is offering financial assistance to local entrepreneurs affected by the movement control order (MCO) since last year.
Chairman Khaliq Mehtab Mohd Ishaq said the business easy loan scheme (SPiM) would be open for application from March 1 and offered to 250 eligible entrepreneurs in the state.
He said SPiM was created to provide assistance in the form of revolving capital loans for entrepreneurs to cover operating costs and capital needs apart from revitalising business activities. “Perda has allocated MYR5 million to implement SPiM. This loan application is open to all entrepreneurs and not limited to those registered under Perda only, as long as they meet the conditions that have been set,” he told reporters yesterday.
He said conditions for the loan are that applicants must be Malaysians aged 18 years and above, with businesses registered with the Companies Commission of Malaysia (SSM), and have been operating in Penang for more than three months.
The loans range from a minimum MYR5,000 to a maximum MYR100,000 with no interest, just two per cent management charges and five per cent security deposit, at a repayment period of up to six years, he said.
Among the sectors that could apply for this assistance are services, food and beverage, manufacturing, agriculture and livestock (downstream industry or technology), information and communication technology (ICT) and creative technology, well-being and lifestyle.
Khaliq Mehtab reminded potential recipients not to abuse the aid and to be disciplined in making repayments so that the fund could be redistributed to other entrepreneurs.