KUALA LUMPUR: Over 2,000 Chinese small and medium enterprises (SMEs) have benefited from Koperasi Jayadiri Malaysia Bhd (Kojadi) loans worth RM200mil between 2015 and 2022, says Datuk Wira Koh Nai Kwong.
The Kojadi chairman said that the loan schemes made available following government grants have greatly benefitted SMEs with its lower interest rate.
"In 2022, we were allocated RM50mil in government grants and have recently received half of it from the government," he said after chairing Kojadi's 41st annual general meeting (AGM) on June 17 (Saturday).
He added that the government grant for Kojadi stopped between 2018 and 2021 during the previous administrations.
In Budget 2018, former prime minister Datuk Seri Najib Razak announced that the government would provide RM50mil for the Chinese community loans for SMEs through Kojadi.
However, it was cancelled after the 14th General Election.
Koh said that the loan scheme managed by Kojadi, MCA's education and investment arm, was offered with an interest rate of 4% – more competitive than loans provided by most other financial institutions – and has been a feasible solution for most SMEs.
"Kojadi has asked the Finance Ministry for another RM50mil grant for this year. The reply we received was that it is negotiable,” said Koh.
He added that the loan repayment rate is high and that despite the pandemic's impact over the last three years, borrowers had applied for a moratorium but had repaid on time.
He said Kojadi has about 60,000 members, and more than half are young members and added that its net profit was RM9.35mil in 2022.
Koh then announced a 4.5% dividend for all qualified members, and said that this is higher than the fixed deposit dividend rate of several financial institutions in the country.
MCA president Datuk Seri Dr Wee Ka Siong opened the AGM and highlighted the need to revitalise Kojadi's leadership for it to continue developing and managing professionally.
During his speech, he said Kojadi had been an excellent cooperative regarding financial operation and administrative management.
In 2022, it was ranked 16th among the 100 best cooperatives in Malaysia.
"Kojadi's total assets had reached about RM336.42mil in 2021 and RM365.85mil in 2022.
In addition, its profit after tax had also increased from RM8.04mil in 2021 to RM9.35mil in 2022, an increase of 16.2%.
"I believe under the leadership of Koh Nai Kwong, it will continue to grow steadily. I also hope its leadership continues to strengthen the brand name of Kojadi,” said Dr Wee.
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