Najib launches hawkers, petty traders micro credit scheme worth RM30m

KUALA LUMPUR: Prime Minister Datuk Seri Najib Abdul Razak today launched the RM30 million micro-credit scheme for Chinese traders that was tabled in Budget 2015.
Najib said Chinese hawkers and petty traders can now apply for a business loan between RM5,000 and RM15,000 at an interest rate of 4% per annum, with the loan payable within a period of three years.
"The government needs to be inclusive when addressing the matters of the rakyat.
"Thus this scheme is made to help the hawkers and petty traders to improve their businesses and increase their income," Najib said when launching 1Malaysia Hawkers Micro Credit Scheme at Jalan Alor here.
Also present was Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Hasan Malek, Minister in the Prime Minister's Department Datuk Mah Siew Keong, Federation of Malaysia Hawkers Association president Datuk Lee Teong Chwee and Jalan Alor Hawkers Association president Beh Kok Khiang.
Najib said as of today, 27% of 479,000 hawkers and petty traders are from the Chinese community.
"The government understands the plight of these groups, it's hard for them to apply loans from banks, thus this scheme will benefit them as it would be easier to apply," Najib said.
The scheme is controlled by the Yayasan Penjaja dan Peniaga Kecil 1Malaysia (YPPKM) and is administered by Mah.
Mah, during his speech at the event, said Malaysia is famous for its food and "eat" tradition, and the scheme is good to expand the sense of togetherness among Malaysians.
"Malaysia is famous for its food, take Jalan Alor for example, it has a variety of delicacies for people from different backgrounds to gather and eat here," Mah said.
Wong Kar Wei, 53, who operates a wantan mee stall, said he will apply for the loan to open a new branch in Jalan Pudu.
"This scheme is definitely a good stepping stone for me to achieve my business target," Wong said.