According to a report in Berita Harian Ahad yesterday, a sum of RM45 million was allocated under the Ramadan Bazaar i-Micro Financing scheme, set up in 2014 and managed by Bank Rakyat. Beneficiaries were given interest- and security-free loans of up to RM3,000.
However, over 10,000 traders have either failed or refused to pay back the RM36 million they owe – leaving only about RM9 million left in the scheme – which is only enough to benefit about 3,000 traders, said the report.
It added that the defaulters were given the chance to make four gradual payments to settle their loans but most refused outright.
This has prompted the government to give priority to single mothers and the poor when it comes to offering loans in the future.