50 years after NEP, a wealth and ethnic divide
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Title : 50 years after NEP, a wealth and ethnic divide
Category : Malaysians
SPECIAL REPORT | When former air force technician Safwan Saleh started a side project of re-selling custom watches, he did not envision he would soon start his own clothing brand, Petak, in 2016.The brand, featuring Safwan’s exclusive designs, started off only with an online presence, but soon he was generating enough business to open a brick and mortar store in Cyberjaya.As the business grew, the entrepreneur had planned to open three more outlets by the end of 2020. And then Covid-19 hit, and expansion plans turned into a game of survival. To keep his business afloat, the 34-year-old said he attempted to apply for a loan from Tekun Nasional, an agency created in 1998 under the Entrepreneur Development and Cooperatives Ministry for bumiputera businesses.The facility offered a maximum of RM50,000 loan but “red tape” and offers to use a “cable” to guarantee a loan of RM20,000 so…
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