PUTRAJAYA, Feb 17 — The Federal Territories Micro Credit Scheme (SMKWP) will be offered to small entrepreneurs, including those in the B40 group beginning March 1 to help improve their economic status.

Federal Territories (FT) Minister Khalid Abdul Samad said the scheme would be opened for application tomorrow with the loan amount ranged from RM1,000 to RM5,000 for each applicant and repayment period of up to three years.

"SMKWP is open to all small entrepreneurs namely holders of Hawker Licence from the Kuala Lumpur City Hall, Putrajaya Corporation and Labuan Corporation.

"For a start, RM500,000 has been allocated for the SMKWP and we target 100 applications,” he told a press conference here today adding that the collateral-free loan would be given out on a one-off basis.

Khalid said borrowers could make repayment for as low as RM20 to RM100 on a weekly basis with a two per cent management charge.

He said the initiative would be carried out through a collaboration between the ministry, Yayasan Wilayah Persekutuan (YWP) and Bank Islam Malaysia Bhd.

Applications can be made at the YWP office in Kampung Baru here by submitting existing business and personal identification documents. — Bernama