PUTRAJAYA: Hawkers and petty traders providing the 1Malaysia People’s Menu (MR1M) will be given priority for micro credit loan schemes of up to RM50,000 to be offered starting January.
Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Ismail Sabri Yaakob said the scheme involves a total allocation of RM50 million.
“The interest-free loans will be managed by Bank Kerjasama Rakyat (Bank Rakyat). Priority is given to those involved in MR1M as an incentive for them,” he told reporters after the ministry’s Innovation Day celebrations and monthly assembly, here yesterday.
Ismail Sabri said Bank Rayat is currently trying to obtain approval from Bank Negara Malaysia (BNM) to implement the scheme.
Some 1.5 million petty traders and hawkers in the country are expected to benefit from the incentive offered.
Meanwhile, Ismail Sabri said the ministry has successfully met the target for MR1M, 1Malaysia People’s Shop (KR1M) and Retail Shop Transformation Project (Tukar).
“Next year the ministry plans to set up 1,000 more MR1M shops, but this depends on agreement from Prime Minister Datuk Seri Najib Tun Razak on whether more shops are needed or not,” he said.
Currently there are 3,188 shops offering the MR1M, 85 KR1M and 565 Tukar shops. — Bernama