Bumiputera Unit Fund to serve as one-stop centre for budding entrepreneurs

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KUALA LUMPUR: The Bumiputera Unit Fund would serve as a one-stop centre for budding bumiputera entrepreneurs to obtain financing and other assistance for their ventures.

The fund was launched yesterday by Prime Minister and Umno president Datuk Seri Najib Tun Razak during Pemuda Umno’s meeting in conjunction with the Umno General Assembly 2015.

It was set up to narrow the divide between young small-time bumiputera entrepreneurs and government financial institutions.

Wife of the prime minister Datin Seri Rosmah Mansor was also present at the launch.

Umno Youth chief Khairy Jamaluddin in his address before opening the movement’s meeting said Umno Youth initiated the fund based on a resolution made at its Bumiputera Fund Convention held here last month.

He said Umno Youth found a big gap between young entrepreneurs with small businesses and government financial institutions in that the latter had failed to understand the plight and provide assistance to the former.

“Although there are various loan schemes, many of the small-time entrepreneurs cannot penetrate the bureaucracy to obtain assistance through them,” he said.

The Bumiputera Unit Fund would be in the form of an online portal.

It will also function as a facilitator for young entrepreneurs to make their first venture by matching them with the relevant agencies.

It will fully start operating in January next year. — Bernama