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A microcredit fund for “young” 45-year olds
source : NEWSTRAITSTIMES
Up to what age do we stay young? In Europe, according to the European Commission’s latest euro-survey, the end of youth starts at 37 for the Swedes and the Maltese but begins at 50 for Greeks and Cypriots, at only 27 for the French and at a maximum average age of 42 for Europeans in general.
Much further east, the decision has been made – it will be at 45. In any case, that’s the limit set by the Malaysian Chinese Association, the MCA for its brand new microcredit package aimed at young people.
The Sino-Malaysian microcredit offer was presented on 17 January, with the aim of helping young Malaysians to set up their own businesses or grow their current activities. Loans of a maximum of 5,000 euros will be combined with training in financial management. A new aspect is that the programme includes an additional “point” incentive for youth association membership and single parenthood – when candidates are selected for a loan scheme, based on a point system, these two categories will be given an extra 10 points!
Microloans, which will be granted by two cooperatives affiliated to the MCA, will then be repayable over a maximum of 5 years, with a 7% interest rate. The Association claims that the project is open to young people of all ethnic origins, whatever their political leanings.