Wee Ka Siong: Soft loan with 4% interest rate for Chinese SMEs to launch next month

Nanyang Siang Pau, May 28, 2015

Kuala Lumpur, May 27 – Minister in the Prime Minister’s Department Datuk Dr. Wee Ka Siong said the government would launch a RM50 million soft loan fund next month to help the Chinese small and medium enterprises (SMEs). According to him the 4% interest rate was among the lowest in the country.

Maximum loan to be given is RM250, 000

“As the total amount of loan fund is only RM50 million, the government has decided to give out soft loans between RM50,000 and RM250,000; loan which is more than RM250,000 is available at the SME Bank, but the condition will be varied,” he added.

He said the revolving fund was aimed at assisting the SMEs and would be managed by Koperasi Jayadiri Malaysia Bhd (Kojadi). He anticipated that the response would be good as the interest rate was lower than that of commercial bank.

Wee Ka Siong said currently there were many enquiries on the loan; the authority concerned had drawn up the standard operating procedure (SOP) and would make the announcement next month.

“We need to assess whether the businesses are suitable to expand, if so, why not give them a chance? Of course if the business opens today and borrows tomorrow, it is not appropriate, do not take the loan for granted,” he said.

Wee Ka Siong told a press conference after the opening of PrintPack Ship Sdn Bhd here on Wednesday. Also present were PrintPack Ship Sdn Bhd company director Ho Shi Sheng and Cheah Shu Cheng, Pos Malaysia Chief Operating Officer Ahmad Nazmi, Pos Malaysia International Business and Relations chief Puan Adawiyah and SF Express (M) general manager Ong Chin Yee.

To help new enterprise with potential to apply for loan

Wee Ka Siong said the eligibility of the applicant would be assessed by a professional team; in the case of commercial bank, the loan applicant would have to submit at least three years’ audited record, which was impossible for the newly established company to fulfill, hence their application would not be successful.

Original Source:
魏家祥：利息低至4％ 下月推介5千万华商微贷