KOTA KINABALU: Bumiputera Agenda Steering Unit (Teraju) will be allocating a RM45million grant for bumiputera entrepreneurs in Sabah to expand their businesses this year.
Teraju Senior Director (Entrepreneurship and Business Development) Megat Mohd Yatim Megat Hamid said that to date, however, none of the applications for the fund has been approved.
"The Facilitation Fund can be applied for by a company with a project worth at least RM500,000 and above, is competitive, and can create business and job opportunities.
"Teraju will provide assistance of up to 15 per cent of total expenditure, to be reimbursed upon completion of the project," Megat said during a media visit to Kotamas Oil Sdn Bhd at the Kota Kinabalu Industrial Park at Sepanggar, near here.
Kotamas Oil, which was awarded a petroleum transport service project here in 2012, received a facilitation fund worth RM1.16 million from Teraju in Oct last year.
Petronas extended the company’s contract to 2019 after Kotamas purchased 18 lorry tankers with a capacity of between 10,000 and 30,000 litres.
Megat said that under the Facilitation Fund, Teraju has also reimbursed a total of RM139 million for more than 50 companies in Sabah over the past five years.
The companies’ projects, worth RM1.04 billion, comprise the construction, oil & gas, agricultural, business & services, retail & wholesale, tourism, food, manufacturing, automotive and healthcare sectors.
Since its inception in 2011, Teraju has channelled RM168.8 million under its five initiatives to assist bumiputeras in Sabah over the past five years.
The five initiatives include the Facilitation Fund, the High Performing Bumiputera Companies (Teras), the Entrepreneur Bumiputera Startup Scheme (Superb), the Sabah Bumiputera Entrepreneur Development Fund and the Bumiputera Entrepreneur Development Fund with non -governmental organisations.