Micro-businesses affected by the COVID-19 pandemic can start applying for financing under two schemes from August 15.

Datuk Seri Dr Wan Junaidi Tuanku Jaafar

Applications for SPIN 2.0, CBRM 2.0 Financing Schemes open Aug 15

BERNAMA
1/8/2021

PUTRAJAYA, Aug 1 -- Micro-businesses affected by the COVID-19 pandemic can start applying for financing under the Informal Financing Scheme (SPIN) 2.0 and COVID Business Recovery Financing Scheme (CBRM) 2.0, from Aug 15.

Entrepreneur Development and Cooperatives Minister, Datuk Seri Dr Wan Junaidi Tuanku Jaafar, said that a total of RM100 million was allocated for the implementation of the schemes under the National People's Well-Being and Economic Recovery Package (PEMULIH), which is expected to benefit 11,500 entrepreneurs.

The maximum funding limit for SPIN 2.0 is RM10,000, and for CBRM 2.0 up to RM20,000.

Wan Junaidi said according to a study conducted by his ministry, an estimated 580,000 micro, small and medium enterprises would face business failure as a result of the COVID-19 pandemic.

“It is hoped that entrepreneurs will take the opportunity to apply for this financing scheme to increase business capital, including micro-entrepreneurs under the first to close, last to open (FCLO) category, whose business is affected due to the closure of operations,” he said in a statement today.

Applications for both schemes, under the National Entrepreneur Group Economic Fund (TEKUN Nasional), can be made online or at the nearest TEKUN Nasional branch offices.

According to Wan Junaidi, the scheme is an improvement from previous ones to help micro-entrepreneurs with the continuity of their business.

SPIN 1.0 was launched in December last year to help informal entrepreneurs whose businesses were affected by COVID-19, and to date, a total of 3,369 individuals have received funding worth RM19.8 million.

Through the Prihatin Rakyat Economic Stimulus Package (PRIHATIN), with a fund of RM200 million, TEKUN Nasional launched CBRM 1.0 in April 2020, with the allocation being fully channelled to 26,326 entrepreneurs in December last year.

TEKUN Nasional has channelled funding to 480,958 entrepreneurs, with a value of RM6.59 billion nationwide, from its inception in 1998 until June this year.