Sarawak Micro Credit Scheme offers loan of up to RM50,000
Last Update: 08/11/2019
KUCHING, Nov 8 -- Entrepreneurs in Sarawak can expect to get up to RM50,000 if they apply for a loan under the Sarawak Micro Credit Scheme, the Sarawak state legislative assembly was told today.
Assistant Minister of International Trade and Industry, Industrial Terminal and Entrepreneur Development Datuk Mohd Naroden Majais said the applicants, including those from the cottage industry, can apply for the new scheme online and the approval process would take between two weeks and 30 days.
“For those applying for a loan of RM10,000, a two per cent administration fee will be charged. As for loans of more than RM10,000, it will be based on declining interest,” he said in a reply to Ripin Lamat (GPS-Lambir) during question time.
On Monday, Chief Minister Datuk Patinggi Abang Johari Tun Openg announced in the 2020 State Budget that RM30 million be set aside for the new initiative next year.
He said the target groups of the scheme would be Sarawakians, both Bumiputera and non-Bumiputera, residing and operating their businesses in the state.