Be An Entrepreneur This Ramadan, Says MP

SEKIJANG (Johor) - Anuar Manap, Member of Parliament for Sekijang, has called on youths to tap into the Ramadan Bazaar i-Micro Financing scheme to provide seed capital for small businesses during the fasting month.

The financing scheme launched by Prime Minister Datuk Seri Najib Tun Razak, which is managed by Bank Rakyat, disburses interest-free loans of up to RM3,000 to petty traders and hawkers to carry out business during the fasting month, taking advantage of the higher demand.

"Every year, we see the mushrooming of Ramadan Bazaars during fasting month. It is in this month that traders will grab the opportunity to rake in healthy profits as during Ramadan, sales are expected to increase when shopping for breaking fast as well as essentials is at a high in preparation to celebrate Hari Raya."

"The income levels for these traders or bazaar business operators have a positive impact and income is definitely higher during Ramadan as compared that of a normal month."

"Getting such a business started or expanding an existing one to cater to the expected increase in demand during Ramadan requires an adequate amount of capital, and this is what this interest-free finance scheme is offering," said the first term MP.

The RM45 million capital will be loaned to eligible budding entrepreneurs who submit their applications at least a week before Ramadan which begins end of this month.

"With more than a million registered traders and hawker throughout the country, the contribution from this sector is important to the respective community social economic growth."

"And the initial capital received from this Ramadan Bazaar i-Micro Financing will see these traders making the additional income received from their business activities at the once a year Ramadan bazaars. It will somewhat help to lessen their financial burden in view of the rising cost of living especially with Hari Raya just around the corner," he said.

While for some of them, these business activities are their source of livelihood, there will be others who will take the opportunity to earn the additional income that these Ramadan bazaars offer to sell their wares. The scheme also caters to this.

To date this Scheme Bazaar Ramadan 2014 introduced via the Ministry of Domestic Trade, Cooperatives and Consumerism has received 7,500 applications from all over the country.

Anuar, who is also the head of UMNO Youth's Bureau of Rural Affairs said, "We have received positive feedback from youths all over the country who want to grab this opportunity. Every Ramadan, like in any parts on the country including Sekijang, there are youths operating these bazaars, selling breaking fast food like ayam percik, ikan bakar or murtabak."

"Some with creative names to their food or products to attract customers. This is good as it shows their entrepreneurial skill in marketing their products, to get the crowd to their bazaar to increase sales."

He said the scheme was also flexible enough for even entry level entrepreneurs who can participate in their first business, especially in many of the bazaars around the country which are established specifically in Ramadan.

Repayment of the loans will be made in two tranches. The first 50 per cent repayment will be made before the end of the Hari Raya month of Syawal with the balance to be paid a month later.

An added bonus is that youths can ride on the popularity of the social media to help in establishing networks for businesses and promote their products.

This micro-finance scheme is open to all hawkers and petty traders nationwide. Applications should be made through their respective hawkers and petty traders associations.

There are 1,041,547 registered traders and hawkers as of April 30.