SME Bank, which is backed by the Malaysian government, started the Women Entrepreneur Financing Program, a fund with a budget of MYR 200 million (USD 56.1 million), to provide access to capital for female entrepreneurs in Malaysia [1]. Additional details on the program are unavailable.
Separately, Datuk Seri Najib Abdul Razak, the Prime Minister of Malaysia, announced the beginning of a MYR 30 million (USD 8.4 million) microcredit scheme for traders in the country who are of Chinese descent. Each trader will be able to apply for a three-year loan of MYR 5,000 to 15,000 (USD 1,400 to 4,200) at a 4-percent annual interest rate [2]. The scheme will be carried out by Yayasan Penjaja dan Peniaga Kecil Malaysia, a government-funded foundation.
By Jeff Pierce, Research Associate
About SME Bank
SME Bank is backed by the Malaysian government and is tasked with encouraging the growth of small and medium-sized enterprises (SMEs). As of December 2013, SME has MYR 8.9 billion (USD 24.9 billion) in total assets.
Sources and Additional Resources:
[1] New Straits Times News Story: “Finally a capital leg up,” http://www.nst.com.my/node/79289
[2] The Sun Daily News Story: “Najib launches hawkers, petty traders micro credit scheme worth RM 30m,” Fadzell, Aiezat, http://www.thesundaily.my/news/1373460
MicroCapital Universe Profile: SME Bank
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=SME+Bank+%28Malaysia%29
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