YB Dato’ Sri Ramanan Increases P.E.N.N. Fund to RM100 Million

The Ministry of Entrepreneur Development and Cooperatives has announced an additional RM50 million allocation for the Prosperity, Empowerment and A New Normal for Indian Women (P.E.N.N) Programme, bringing a total fund to RM100 million.

The announcement was made by Deputy Minister YB Dato’ Sri Ramanan Ramakrishnan at the launch of P.E.N.N. 2.0, held at Amanah Ikhtiar Malaysia (AIM) headquarters in Bandar Sri Damansara. The event was attended by more than 1,000 Indian women entrepreneurs from across the country.

Launched in April 2024, the P.E.N.N. The programme is a government initiative aimed at empowering Indian women through entrepreneurship with AIM as the implementing agency. It has benefited 6,247 Indian women with a total of RM42.7 million in funding disbursed, which includes the support for 1062 new entrepreneurs.

“This initiative has proven that the P.E.N.N programme is not only successful but is truly needed by the community,” said YB Dato Ramanan during the launch of P.E.N.N 2.0 at the Amanah Ikhtiar Malaysia (AIM) headquarters, located in Bandar Sri Damansara.

With the latest additional funding, the programme now targets over 10,000 beneficiaries nationwide. The funding is expected to widen the programme’s reach and strengthen support for existing participants, particularly in sectors such as food, tailoring, beauty, and community services.

Notable, P.E.N.N. recipients have seen their household incomes increase by an average of 20 to 30 percent. The initiative also plays a role in enhancing quality of life and providing suitable livelihoods for women from lower income backgrounds.

The P.E.N.N. A micro financing scheme is designed to be accessible, requiring no financial statements, guarantors or collateral. They will also receive continuous support, guidance, and business monitoring from AIM. Loan amounts ranging from RM3,000 to RM30,000, even for individuals with financial constraints such as CTOS or CCRIS records.

Applications for P.E.N.N. 2.0 are now open at all 124 AIM branch offices nationwide. Since its inception, AIM has disbursed over RM35.9 billion in financing to low-income Malaysians, particularly women. In 2024, AIM recorded its lowest ever non-performing loan (NPL) rate, just 0.02% in its 38 year history.

This latest funding expansion aligns with the national agenda of inclusive development and continues to support the government’s efforts to uplift marginalized communities through entrepreneurship. For more information or to apply, interested Indian women entrepreneurs are encouraged to visit the nearest AIM office.

Sources: NST