Loans to help Bumis venture into franchising
THE Entrepreneur Development and Cooperative Ministry, via Majlis Amanah Rakyat (Mara), is giving out loans of up to RM250,000 per business to attract Bumiputera participation in the franchising industry.
For the first time, Mara is offering a 100 per cent loan that requires no collateral or guarantor. Previously borrowers must have at least a 10 per cent start-up capital to be eligible for loans.
Currently, only Mara loans of under RM30,000 do not require collateral.
The payback format for the new franchise loans is based on Islamic method which has been lowered to 4 per cent per annum from 5 per cent previously.
“We were just discussing about it this morning. The details and official announcement will be made on Friday. by the Director General, the Entrepreneur Development deputy director Meriyam Abdul Majid said.
“However, I must remind you that Mara does not give out these loans easily. We must see your full commitment, proposal and attending our workshops religiously. That’s how these borrowers will be monitored,” she said in her speech.
Meriyam was addressing almost 100 attendees at the Bumiputra Franchise Seminar in Kuala Lumpur yesterday. The monthly event is organised by Malaysian Franchise Association and MECD.
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