MCA offers RM40m in loans for youths to boost business
KUALA LUMPUR: As the Year of the Dragon marches in, MCA is offering a RM40mil micro credit packet to Malaysians regardless of race or creed and across the political divide.
Under the scheme to be managed by MCA-controlled Koperasi Jayadiri Malaysia Bhd and Koperasi Serbaguna Malaysia, loan applicants must be between 21 and 45 years of age and the money should be used to start or augment a business.
The maximum loan under the 1MCA Micro Credit For Youth package is RM20,000 payable within five years at 7% interest, party president Datuk Seri Dr Chua Soi Lek said.
“We decided to introduce the scheme because we realise that it is difficult for young people with no experience or with small businesses to access credit,” Dr Chua told reporters after chairing the MCA presidential council meeting here yesterday.
He said single parents and those attached to non-governmental organisations and political parties of all stripes would get 10 extra points in the credit evaluation.
“We welcome young people attached to parties on both sides of the political divide to apply for the loans,” he said.
“It doesn't matter what party they belong to. This loan is meant to help youths.
“This fund is not set up for political purposes but to train more Malaysian youths to be entrepreneurs.”
Dr Chua also said successful applicants would be given free courses on subjects that would help them in their business.
“We will also set up a database of all successful applicants so they can share their experience in building their business and expanding their network,” Dr Chua added.
Those interested can download the application forms from www.mca.org.my.
In an immediate response to the scheme, World Youth Foundation chief executive officer Varsha Ajmera said: “Getting credit from this scheme will stop young people from borrowing from Ah Long.
“The free courses offered to successful applicants will help them establish their business.”
MCA Youth chief Datuk Dr Wee Ka Siong said the scheme was a timely step to help young people who had problems getting loans from banks.
“This programme will help young people to start a business on a small scale and build on that,” he added.
Single Parents Association of Tanjung Ampang president Siti Zubaidah said the successful applicants should have a passion for the business they were venturing into.
“If they love what they are doing, chances are they will work hard to make their business a success.”
Voice of Women president Chew Hoong Ling suggested that NGOs be allowed to apply for the scheme so they could start social entrepreneurship to fund their causes.
Source : The Star
Date : 18 January 2012
Label : General
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