Malaysia: RM50m Micro-Credit Fund for the Business-Savvy

microcredit malaysia

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Kuala Lumpur, Malaysia, January, 18 2012 - MCA has launched a RM50 million micro-credit fund for Malaysian youths to kick start their own businesses. 1MCA Microcredit Fund for Youth is targeted at young Malaysians aged between 21 and 45 years and will give out maximum loans of RM20,000. Successful applicants will have to repay the loan within five years at an annual seven per cent interest rate.

MCA president Datuk Seri Dr Chua Soi Lek said priority would be given to MCA and non-governmental organisations' members as well as single parents.

Application forms can be downloaded from the MCA website at

Dr Chua said successful applicants would be taught business know-hows free of charge.

"From this, we hope to create a network among the successful applicants to share their experiences," he said after chairing the party's presidential council meeting yesterday.

He said one of the biggest challenges for youths today was access to credit schemes and the party hoped this would train them to be entrepreneurs.

To a question, Dr Chua said the opposition, especially DAP, should not politicise this as MCA was sincere in helping people.

"DAP probably thinks it is halfway or three quarters to Putrajaya. But have they done anything to help the poor and the socially disadvantaged?

" Have they started their own education institution or medical fund other than attacking and belittling other people?" he asked.

On another matter, Dr Chua said MCA was supportive of the government's move to set up a committee to review the Public Service New Remuneration Scheme (SBPA).

He hoped the committee would listen to the feedback from government support staff and professionals on this so weaknesses

could be rectified.

"We hope the committee is sensitive to the perception that SBPA will only benefit those holding higher posts from JUSA C onwards," he said.

On MCA deputy president Datuk Seri Liow Tiong Lai's claim that MCA could unseat Penang Chief Minister Lim Guan Eng from his Bagan seat, Dr Chua said it was a "political statement" made in "good faith".

"There's nothing wrong with that. To me, it is just a political statement. No leader will say they will lose or cannot win," he said.

On Sunday, Liow said the party's proposed candidate for Bagan would give DAP a run for their money in the coming general election.

In reply, Lim had dared Liow and party vice-president and MCA Penang chief Datuk Seri Dr Ng Yen Yen to contest in Bagan.

Dr Chua said as chief minister, Lim should rise above personal politics.

"Personal attacks will not solve any problems, it only adds excitement to the media.

"What is important is to ensure Penang is well run."

He said MCA leaders like Liow and Ng could also challenge Lim to contest in Bentong, where Liow is the member of parliament, or Raub (Ng is the MP), but did not as this would further exacerbate the matter.

Earlier, Dr Chua gave out RM100 to veteran members aged 60 and above as an acknowledgement of their contributions and sacrifices for the party.

One of the members, 80-year-old Wong Kam Meng, expressed happiness at the early Chinese New Year windfall.

"Although the money is not a lot, it is the thought that matters. I am very happy and will use it to treat my friends to a nice meal," said the Lembah Pantai division member, who has been in MCA for more than 20 years.


Category: Payday loans

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