Ministry seeks extra RM100mil for new village entrepreneurs
KUALA LUMPUR: The Housing and Local Government Ministry will seek an additional RM100 million from the Finance Ministry to expand a special financing scheme for entrepreneurs in new villages, bringing the fund to RM420 million from next year.
The Housing and Local Government Ministry in Malaysia is requesting an additional RM100 million from the Finance Ministry to bolster a financing scheme aimed at supporting entrepreneurs in new villages. This scheme, currently valued at RM420 million, was nearly fully utilized, with RM300 million already disbursed to entrepreneurs.
The scheme, managed in partnership with Bank Simpanan Nasional (BSN), offers loans up to RM150,000 with an interest rate as low as two per cent. As of now, RM300 million in loans have been successfully provided, with a repayment default rate of less than one per cent, and over 99 per cent of borrowers making their repayments diligently.
The additional funding will ensure the scheme continues to benefit thousands of entrepreneurs in new villages, enabling them to expand their businesses and contribute to economic growth in these areas.
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