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Finance Ministry grants three year extension of financing scheme benefitting bumiputera entrepreneurs

by Cindi Loo

05 Jul 2019 / 12:05 H.

PETALING JAYA: The Finance Ministry has approved a three year extension to Credit Guarantee Corporation Malaysia Berhad (CGC) to manage Tabung Projek Usahawan Bumiputera-i (TPUB-i) contract financing scheme up to June 30, 2022.

Finance Minister Lim Guan Eng (pix) said this is in line with the government’s commitment in ensuring that the country’s economic growth also creates opportunities that allow entrepreneurs and small medium enterprises to flourish.

“Under this scheme, CGC has an allocation of RM300 million to facilitate bumiputra entrepreneurs who face challenges in obtaining access to financing from financial institutions,“ he said in a statement today.

The scheme offers a profit rate of up to 5% per annum to first time applicants, for funding up to RM3 million. Profit rate for subsequent financing of up to RM 5 million will be offered at competitive rates.

Interested bumiputra entrepreneurs are encouraged to apply for the TPUB-i contract

financing scheme via www.imsme.com.my. They can also visit the nearest CGC branch or call +603 7880 0088 for any queries and to find out further information.

TPUB-i is a contract financing scheme funded by Bank Negara that provides working capital financing to bumiputera entrepreneurs who have been awarded contracts or projects by the government or its agencies, statutory bodies and reputable companies.

Since the inception of the scheme in July 2009, CGC has approved and disbursed total financing of RM1.58 billion to more than 1,900 Bumiputera entrepreneurs. In 2018, the amount stood at RM330 million, an all-time high in terms of loan approval value in a year.

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