Helping hand for hawkers and petty traders

PUTRAJAYA: Prime Minister Datuk Seri Ismail Sabri Yaakob has announced new initiatives for hawkers and petty traders involving an allocation of RM48.5mil for a micro financing programme and another RM25mil for the implementation of the Night Market Transformation.

He said under the micro financing programme, hawkers and petty traders can apply for Syariah-compliant microcredit financing with a zero per cent profit rate from Bank Rakyat.

The programme offers microcredit financing of between RM10,000 and RM50,000 with a repayment period of up to five years, he said when launching the Keluarga Malaysia Hawkers and Petty Traders Day and the National Night Market Transformation Programme here.

“No profit rate will be imposed on the applicants, only a management cost of one per cent will be charged on their collection,” he said.

He also called on all commercial banks not to take legal action against hawkers and petty traders who fail to repay their loans.

Instead, he said the banks should emulate the initiative taken by the financial institutions under the Entrepreneur Development and Cooperatives Ministry (Medac) such as Bank Rakyat and SME Bank not to take any legal action against the group if they failed to make repayments until June 2022.

He said other financial institutions under the government such as Bank Simpanan Nasional and Bank Pembangunan were also asked to make a reasonable judgment on this matter as the micro traders were also badly affected and burdened by the Covid-19 pandemic.

“I hope other banks can emulate the action taken by the banks and financial institutions under Medac,” he added.

The twin programmes are aimed at helping the hawkers and petty traders revive their businesses after a two-year struggle during the course of the pandemic. — Bernama

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Next In Nation

CNY family reunion dinners, house-to-house visits allowed, subject to SOP
KL cops cripple scam operation in Ampang, 10 nabbed
All donations to UTAR Hospital are welcome, says Dr Mah
Covid-19: 3,229 new cases bring total to 2,817,163
Error 4.40: Correct balance not found in Penang parking app
Court of Appeal rules Sabah-born man a Malaysian citizen
Bravo: Two ehailing riders ‘shield’ elderly woman crossing road junction
Syed Saddiq rapped by judge on court case posts
Malaysia strongly condemns attacks on UAE's Abu Dhabi
14 foreigners held during anti-vice raid in Subang Jaya

Others Also Read