Funds for Penang women entrepreneurs available now

Penang Chief Minister Chow Kon Yeow speaks to the press in Komtar, George Town November, 2018. — Picture by Sayuti Zainudin
Penang Chief Minister Chow Kon Yeow speaks to the press in Komtar, George Town November, 2018. — Picture by Sayuti Zainudin

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GEORGE TOWN, Nov 7 — Funds from the Malaysia Chinese Women Entrepreneurs Foundation (MCWEF) is now available to Penang women entrepreneurs.

Penang Chief Minister Chow Kon Yeow said, “This is a micro finance facility for Malaysian Chinese women to start their own business or those with existing businesses.”

The loan facility is for sums ranging from RM5,000 to RM30,000 with a loan repayment period of up to 72 months.

In the same press conference, two major developers and Real Estate and Housing Developers Association (Rehda) Penang handed over RM455,172.50 to Tabung Harapan.

Ideal Property Group (RM81,992.50), Hunza Properties Bhd (RM353,250) and Rehda handed over RM20,000 to Chow at his office today. 

Housing development committee chairman Jagdeep Singh Deo said the sums from both developers were collected from the exempted approval fees for the purchase of properties at the Malaysia Property Expo (Mapex) Penang and The Star Property Fair in July.  

The Penang state government waived the 1.5 per cent approval fees for foreign buyers and 2 per cent approval fees for those who decide to sell the property bought during the events in under three years 

Instead, the fees will be paid to Tabung Harapan by the developers. 

“Rehda Penang added RM20,000 to the sum to contribute to the fund,” Jagdeep said.

Tabung Harapan was set up on May 30 to help reduce the country’s debts and as at November, the fund has collected about RM196.67 million.

Today, Chow also announced a RM200,000 aid under his special allocation to SMJK Jit Sin Bukit Mertajam.

“This is to assist the school in completing its expansion plans,” he said.

The school will be completing the construction of its new building next month, he added.

He said the school will need another RM2 million to equip the new building with facilities such as science and computer laboratories.

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