These struggling businesspeople are now making money with iTekad

What if we told you, the person who sells pisang goreng by the roadside, that you will one day find yourself in the most luxurious resort in Bali, sipping on fresh coconut water and enjoying an amazing vacation?

If you think that sounds too good to be true, then you’re gonna wanna hear about iTekad– the one way ticket to that Bali heaven. For those who don’t know, iTekad is a program under Bank Negara Malaysia (BNM) that helps low-income microentrepreneurs grow their businesses.

But the program isn’t just a one-man-show. Besides BNM establishing the core framework…

 

Banks and other institutions provide $$ and training

Because the goal here isn’t just to get people up on their feet, it’s make sure they can sustain their businesses on their own.

So it goes like this: most banks will provide an initial capital of around RM 10,000 to get the businesses up and going. To be clear, this isn’t a loan and the participants aren’t expected to pay that money back. But along with the money, the banks and their program partners will monitor the participants’ progress for 1 whole year. And in that timeframe, they’ll help out with skill training, marketing tips and even set one-on-one sessions with the participants to figure out their goals.

To date, there are about 11 participating banks and each bank has it own set of rules, partners and qualifying criteria. The application process differs from bank to bank, but you can use this list as a general guideline. What’s certain though is that the participants have to be part of the low-income group. But beyond that, anyone who qualifies will get the help they need.

“It’s not competitive as long as the participants fit with the requirements. And usually the only thing we really look at is whether they’re truly B40,” — CIMB Islamic rep to Cilisos

If you’re aren’t sold on the program just yet, wait till you see how it changed the lives of some of the participants we met.

 

A roselle farmer went from earning RM3,000 a month to RM15,000!

Back in 2017, Siti Suraya started selling roselle flowers to local factories and restaurants. But things came to an abrupt halt when the Great Virus hit. She’d lost most of her clients and was struggling to run her business, until one day, her friend mentioned the iTekad program by Bank Muamalat. She applied right away and that RM10,000 capital went straight into expanding her business.

“I used to sell the roselle to factories and they would make the drinks. But I wanted to run the whole business myself. So with the money I got from the bank, I made a new product. I think at that time we came out with Fizzy Roselle, which is a sparkling drink,” — Siti Suraya, owner of Sorrellicious

And with the continuous support and guidance from the program, Siti Suraya grew her business to the point she’s now comfortably making between RM10,000 to RM15,000 a month.

She’s got her own factory, several roselle plantations, and she’s even employing the women of her kampung to help run her business.

“I get single mothers to help me sometimes, or those who don’t have jobs but want to earn some pocket money and all the makcik-makciks. Because to me when you do business, it’s not just your success but the impact you give to the your community,” — Siti Suraya

 

A shoe seller managed to clear his debt and buy his own house!

Norazmi inherited his leather shoe business from his dad, which he’d been helping out since the age of 14. He’d poured a lot of effort into his business, but wasn’t seeing much profit.

So when he joined iTekad under Bank Simpanan Nasional, his main aim was to learn the strategies that would help him grow his business.

“I didn’t have the know-how to create a brand for my shoes. I wanted people to immediately think of Dr. Shoes when they needed chapals. And iTekad helped me with that. They taught me not to be a businessman, but a business owner,” –Norazmi, owner of Dr. Shoes

With both the lessons and capital he received, Norazmi saw his income go up by roughly 30% to 40%.

As time went on, he could even step away from his shop and the business would still carry on as usual. This was particularly important for Norazmi who also runs an academy that teaches people the basics of shoe repair. But the ultimate victory in his journey? He waved his debt goodbye and finally bought a house.

“The best thing I achieved this year with iTekad’s help was buying a house. Yup, bought a house and just before that, I managed to clear my name and settle all my debts,” — Norazmi

Well if reading all of that got you feeling inspired, guess what…

 

Anwar has pledged RM10 million to expand the iTekad program

The Great Virus cost a lot of people their jobs, and that was actual why iTekad was formed in the place– it was to get the struggling rakyat back on their feet. Fast forward to today and it now serves a bigger purpose. PM Anwar hopes that it will bridge the gap between the rich and poor, and seeing the success of its current participants, he’s pledged extra funds to support its growth.

“With the program’s success, the expectation of 20 participating banks and additional funds from Bank Negara Malaysia (BNM), hence, I will add RM6 million to (make it) RM10 million for the program.” — Anwar Ibrahim, via The Malaysian Reserve

And that just means more opportunities for those who need it. So if any of you business owners out there are desperately seeking a helping hand, you might wanna try your luck and give this program a shot.