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Muhyiddin announces RM8m soft-loan scheme for lower income earners [ 28-07-2011 ]

 KUALA LUMPUR, July 22 (BERNAMA)-- The government has allocated RM8 million for a soft-loan scheme aimed at encouraging the lower income group to engage small and micro franchises as franchisees.

Deputy Prime Minister Tan Sri Muhyiddin Yassin said this measure will help locals raise their income level, thus, enhancing the country's competitiveness as a whole.

"I hope the lower income group will take this opportunity to venture into the micro franchise businesses to supplement their income," he added.

The scheme offers loans from a maximum of RM50,000 to as low as RM5,000 with an interest rate of only 3%.

Muhyiddin was speaking at the opening of the Franchise International Malaysia Conference and Exhibition 2011 at the Putra World Trade Centre (PWTC) here Friday.

Elaborating further on the scheme, Minister of Domestic Trade, Cooperatives and Consumerism, Datuk Seri Ismail Sabri Yaakob said it would focus largely on small franchises with a start-up capital of about RM15,000-RM20,000.

"This scheme would be very useful for youths wanting to set up a small scale business, for example, a burger business which requires a start-up capital of about RM7,000," said Ismail at a press conference after the ceremony.

Currently, Malaysian franchisors have developed a presence in 35 countries with 18 of them in Indonesia, the highest in this regard, followed by China, which has 15.

In addition, there are also about 700 local franchisees in Saudi Arabia involved in various fields such as food and education.

Jointly organised by the Malaysian Franchise Association (MFA) and the Ministry of Domestic Trade, Cooperatives and Consumerism, the event will be used to encourage the development of the franchise industry as well as more successful franchisee entrepreneurs in the country.

MFA chairman Abdul Malik Abdullah said about 10,000 visitors are expected this year with a revenue of RM347 million.  


 

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