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Micro credit in malaysia


MCA HQ, 17 Jan – In line with its actions of helping Malaysians of all races and religion, whilst recognizing that the biggest challenge facing youths starting a business or have an existing business is getting access to credit facilities, MCA will be launching a micro-credit loan scheme for Malaysian youths, regardless of ethnicity and creed in a move to encourage youths to be entrepreneurs, or to help existing businesses.

Announcing the decision after chairing the Presidential Council meeting today, party President Datuk Seri Dr Chua Soi Lek further explained that the 1MCA Micro Credit Loan Scheme for Youths was targeted for youths between the ages of 21 to 45, and is worth RM 50 million whereby applicants can apply for loans up to RM 20,000 for a maximum 5 year loan repayment at 7 % interest.

The 1MCA Micro Credit Loan Scheme for Youths is a joint effort by Koperasi Jayadiri Malaysia Berhad (KOJADI) and Koperasi Serbaguna Malaysia (KSM), both of which are co-operatives under MCA, whereby KOJADI will be handling the micro-credit scheme.

Forms are available at the party’s and KOJADI’s website at and respectively. Applicants can start applying after Chinese New Year. Applicants will need to present their MyKad, along with information regarding their address, contact number, type of business, registration of their business and if possible, duly certified by an MCA member at the branch or division level. It is MCA’s pledge that applications received will be processed within 21 days from the date received.

Training to be included as part of loan

Ever cognizant of the fact that money alone does not solve everything, Soi Lek added that the 1MCA Micro Credit Loan Scheme for Youths will come together with training courses for successful applicants as well, calling it a ‘package-deal’.

“For successful applicants, MCA will be having training courses for them, and they will be taught how to register their business, how to apply for bank loans, tax planning, location, and laws (about businesses),” said Soi Lek.

The training course will also provide a platform for successful applicants to start networking with one another so that they may share their experience

with each other.

“It is not a question of loans, but to educate them as well,” explained the President, adding that the courses will be transformed into a module which can be conducted anywhere.

Encouraging participation in politics

In a move to encourage youth participation in politics, the 1MCA Micro Credit Loan Scheme for Youth will also take into account the applicant’s outside activities by awarding additional points in their credit evaluation.

Soi Lek explained that as in every loan scheme, there is a point system which will be taken into account. For this loan, “MCA members will be given an additional 10 points. If the applicant is a leader in an association or a non-government organization (NGO), he or she will also be given 10 points. For single parents meaning single mother or single father, they will also be given 10 points,” he elaborated.

This move is meant to increase the involvement of youths in the field of politics, regardless of their political affiliations, Soi Lek had said, adding that even if they were members of NGOs not aligned to MCA, they will still be awarded 10 additional points.

Building networkings

Through this scheme, it is MCA’s hope that successful applicants will create networkings so that they may share their experience to new applicants. Furthermore, MCA also hopes to have a database of successful applicants so that they may establish networking among themselves.

What has DAP accomplished?

To a journalist’s question if this latest effort by MCA will be belittled by the Opposition against the Barisan Nasional government of not having done enough, Soi Lek retorted that “DAP doesn’t do anything. They think they are halfway or three-quarters on the way to Putrajaya.”

“Have they done anything on education, or to help the poor or financially and socially disadvantaged? Have they started a medical foundation? Have they started an education foundation?” queried the party chief.

Soi Lek then broached that “what we do is to add to what the government is doing. We do not politicize. You can be an NGO that does not support MCA. That’s OK. This fund is to help entrepreneurs.”

Category: Payday loans

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