SIBU: The newly announced Young Entrepreneur Fund has received strong backing as it is a step forward to grooming more young entrepreneurs to sustain and fuel the country’s engine of growth for higher economic prosperity.
Deputy Minister of Rural and Regional Development Datuk Joseph Entulu yesterday described the initiative announced by Prime Minister Datuk Seri Najib Tun Nazak as a far-sighted measure to ensure there would be adequate pools of world class entrepreneurs to ensure the country’s economic prosperity continue to thrive in future.
“The initiative would produce more young entrepreneurs helping to stimulate more jobs and economic opportunities to fuel the country’s growth.
“Young people would be encouraged to venture into business, especially those in the rural areas rather than waiting for the right job opportunities to come along,” Entulu, who is also Selangau MP, said.
He opined that the new initiative would help reduce the arduous task of job hunting for youths.
Entulu was asked on the new initiative announced by Najib in Ipoh on Friday.
Bernama quoted Najib as saying that the Young Entrepreneur Fund was set up to assist youths aged 30 and below to start a business.
Meanwhile, SME Bank managing director Datuk Mohd Radzif Mohd Yunus reportedly stated that the RM50 million fund would provide financing of RM50,000 to RM100,000 to those eligible with a repayment period of up to seven years, including one year grace period.
Temenggong Vincent Lau Lee Ming also lauded the move, saying that it would provide youths the springboard to start their business.
“In other words, youths interested in doing business will be provided with a working capital to realise their dreams,” he said.
Lau, who is also deputy managing director of KTS group, however, stressed that having working capital alone would not be enough to ensure a successful business endeavour.
“One needs to have core qualities such as determination and leadership skills, besides being committed and working hard in order to become a success entrepreneur,” he shared.