KLUANG: The micro-credit scheme for small businessmen and farmers to obtain loans will be made available to qualified non-bumiputras, said Housing and Local Government Minister Datuk Seri Ong Ka Ting.
Ong, also MCA president, said Second Finance Minister Datuk Jamaluddin Jarjis had given his word the loans would also be available to qualified non-bumiputras.
“The micro-credit scheme will make it easier for hawkers, fishermen and small businessmen to obtain a small loan compared to applying for a normal loan at a bank.
“Those who qualify for the loan may borrow up to RM20,000 and the application will be processed in two weeks,” he said after the launching of Taman Putrimas in Simpang Renggam, 50km from here yesterday.
“Applicants must be 18 years old and above and the interest is only 4%,” said Ong, adding that the borrowers could pay back the loan according to their cash flow situation.
The scheme, announced last month as one of the measures to stimulate the economy, took effect from last Tuesday, he said.
Ong added that small entrepreneurs need no longer approach loan sharks or illegal money lenders.
He said under the scheme, a fund of RM500mil was made available through Bank Pertanian while RM300mil in loans was available via Bank Simpanan Nasional.
After a briefing on the micro-credit scheme launched by both banks in Kuala Terengganu, Deputy Finance Minister Datuk Dr Shafie Mohd Salleh said families of recipients of the micro-credit schemes wouldnot have to pay back the loan if arecipient died as the amount would be settled by the insurance company.