RM9.8 Bln Allocated To Expand Microfinancing For Small Traders - Liew

PUCHONG, June 21 (Bernama) -- The government has allocated RM9.8 billion in financing funds through six major institutions to expand and simplify access to microcredit for hawkers and small entrepreneurs nationwide, said Deputy Finance Minister Liew Chin Tong.

He said the substantial allocation is aimed at ensuring that small traders are not left out of receiving sustainable capital assistance to grow their business operations.

“This visit can provide a morale boost to the institutions involved, and we can also explore ways to enable more small hawkers to gain access to microfinancing,” he told reporters after attending the “Mikro Kredit Turun Padang” programme at the Dataran Puchong Permai Farmers' Market here today.

According to Liew, the Ministry of Finance (MOF) is actively gathering direct feedback from grassroots traders to be brought to the highest level for consideration.

“MOF will consider the feedback, and we hope it can be submitted to the Prime Minister for consideration during the budget process,” he said.

To date, 12 hawkers at the Dataran Puchong Permai Farmers' Market have secured financing approvals, involving seven recipients from Amanah Ikhtiar Malaysia (AIM), three from Bank Simpanan Nasional (BSN) and two from Agrobank.

Six key agencies are involved in providing advisory services and facilitating direct application processes, namely BSN, Agrobank, Bank Rakyat, the Companies Commission of Malaysia, TEKUN Nasional and Majlis Amanah Rakyat.

The “Mikro Kredit Turun Padang” programme is a proactive government initiative to bring financing agencies directly to the small business community.

The Puchong edition follows earlier series held at the Taman Melawati Farmers' Market, Kelana Jaya Farmers' Market and Bandar Tasik Permaisuri Farmers' Market.

-- BERNAMA