Fund to empower Indian women entrepreneurs doubled to RM100mil
SUNGAI BULOH: The government has doubled the allocation for the Prosperity, Empowerment and A New Normal for Indian Women (PENN) programme to RM100 million, which aims to assist Indian women in building their businesses.
Deputy Entrepreneur Development and Cooperatives Minister Datuk Seri R. Ramanan said the additional RM50 million would empower more Indian women through entrepreneurship.
"This initiative has proven that the PENN programme is not only successful but is truly needed by the community," he said during the launch of PENN 2.0 at Amanah Ikhtiar Malaysia (AIM) headquarters in Bandar Sri Damansara.
Launched in April last year, PENN has benefited 6,247 Indian women, with a total of RM42.7 million in funding disbursed, including support for 1,062 new entrepreneurs.
Ramanan also praised the resilience of Indian women entrepreneurs, describing them as hardworking, disciplined and determined.
The fresh allocation is expected to reach over 10,000 Indian women entrepreneurs through AIM.
"This injection will boost support for recipients to expand their small businesses in sectors such as food, tailoring, beauty and community services."
Ramanan said AIM beneficiaries under PENN have reported income growth of 20 to 30 per cent.
Its 2024 non-performing loan rate was just 0.02 per cent, the lowest in the institution's 38-year history.
"This is not merely a loan, it is a tool to elevate families and transform lives."
Ramanan added that PENN offers micro-financing without financial statements, guarantors or collateral, alongside continuous mentorship by AIM.
He said under PENN, interested applicants can apply for a loan starting from RM3,000 up to RM30,000.
"The loan cost can go up to RM30,000 even if there are issues like bankruptcy, CTOS or CCRIS, so it is open to all.
"It is meant to assist the underprivileged, especially those who have nowhere else to turn to," he said.
Indian women entrepreneurs who are interested in the programme are encouraged to visit the AIM website or any AIM branch to apply and benefit from the support available.
Last year, Ramanan announced an RM50 million AIM fund to support Indian women entrepreneurs through PENN.
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