Hawkers, petty traders to receive RM45 mil in loans

PUTRAJAYA: Prime Minister Datuk Seri Najib Abdul Razak (pix) today launched a financing scheme, with a RM45 million allocation, to provide interest-free loan of up to RM3,000 as business capital to petty traders and hawkers to carry out business during Ramadan.
He said the Ramadan Bazaar i-Micro Financing scheme would be managed by Bank Rakyat, and disbursement of the loan to eligible applicants would be made a week before Ramadan.
Recipients of the loan are required to make repayment of 50 per cent of the loan before the end of Syawal and the remaining, a month later, he added.
He said the loans would provide an opportunity for petty traders and hawkers to supplement their income and also nurture the spirit of entrepreneurship among them.
"For hawkers and other businesses, including those operated by youths, Ramadan is a great opportunity to add to their source of income. Even among professionals, some are willing to take leave for the whole month or for only two weeks to earn extra income.
"Some will even sell kuih or muruku in their offices while Ramadan bazaars such as the one on Jalan Tuanku Abdul Rahman where scores of people visit; you can get up to tens of thousands of ringgit in profit," he said at the launch of the scheme at the Prime Minister's Department.
He said the loans of up to RM3,000 was to be used solely for the Ramadan food and beverage businesses.
Traders can apply for the loan under the scheme through the Coalition of Malay Hawkers and Small Businesses' Associations (Malay Traders' Coalition) by filling a form to be provided by Bank Rakyat.
Those applying must not be on the Bank Rakyat blacklist and bankrupt. They must also not be doing businesses which are illegal or contrary to Syaria
principles.
Najib said the scheme was proof that the government listens to the needs of the people and asked traders not to exploit the scheme by inflating prices.
"Please do not take advantage (of the scheme) and raise prices; it is Ramadan and we should do business with the utmost honesty and sincerity," he added.
Malay Traders' Coalition deputy president Datuk Mohamad Mahmood lauded the scheme and said it would help traders in bearing the costs of business.