Hawkers, petty traders can apply for micro financing

1.5 million hawkers and petty traders nationwide can now apply for loans under the Micro Financing Scheme which will be channelled via the Public Private Partnership Unit of the Prime Minister's Department.

Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Ismail Sabri Yaakob said the scheme was handled by Bank Rakyat, which provided financing facility from RM1,000 to RM50,000 as working capital or for purchase of equipment.

"This scheme gives priority to participants who carry out the 1Malaysia People's Menu business," he told reporters after launching a 1Malaysia Traders Programme, here, today.

He said those keen to apply could fill up a form which they could obtain from any Bank Rakyat branch by bringing along a copy of their identity card and Malaysian Companies Commission business registration.

"The process of approval for complete applications will only take five to 10 days," he said, adding that the government had allocated RM50 million for the micro financing scheme.