Informal entrepreneurs encouraged to apply for Spin
MELAKA: Small entrepreneurs or informal entrepreneurs who are having difficulty accessing capital because they have not registered their business with the Malaysian Enterprise Commission (SSM), any professional body or local authorities, are encouraged to immediately apply for the informal financing system (Spin).
Deputy Minister of Development of Entrepreneurs and Cooperatives Datuk Mas Ermieyati Samsudin (pix) said the program under the National Economic Fund of the Entrepreneur Group (Tekun) would provide funding up to RM 5,000.
“Applicants will only need to present a copy of their ID card, a one-month bank statement and utility bills.
“It’s very simple and this request will be processed in less than seven days,” she told reporters after a media fasting ceremony here yesterday.
She said that, according to ministry data, in 2019 around 1.2 million informal entrepreneurs were unregistered while another 900,000 were registered.
This had made it difficult to implement the programs or deliver the necessary assistance to the relevant agencies.
“When the Prihatin Special Grant was awarded in the first wave of the Movement Control Order, only those who had registered with the Inland Revenue Board or SSM benefited from it.
“There weren’t many in the informal sector, when in fact they are a fairly large group and are mostly in the service sector,” she said.
She added that in the first quarter of 2021, RM12.9 million had been distributed to 2,154 applicants and that RM38 million was still left of the RM50 million allocation for that year.
“This is one of our efforts to help develop informal entrepreneurs.
“These entrepreneurs don’t borrow a lot. They only need 1,000 RM or 2,000 RM for equipment or to repair their stalls and their working capital is low and that is why we are offering them a loan of up to RM 5,000 ”, she declared. -Bernama