Shariah-compliant microfinancing platform, microLEAP is helping selected Bazaria Wangsa Maju traders raise up to RM 50,000 per stall due to the turbulent period caused by the Covid-19 outbreak.
Aside from the Government aid, microLEAP will look to provide support by creating opportunities for Bazaria Wangsa Maju stall owners this Ramadhan to raise funds and educate them on better financial management.
For example, complementary videos and sessions that walk business owners through basic debt management, accounting training, and the process of applying for alternative financing on the microLEAP website.
“It is my hope that true partnerships will develop between microLEAP and the Bazaria Wangsa Maju traders. This will open up new opportunities for the traders as they can continue to rely on microLEAP to help raise funds in times of need,” Wangsa Maju Member of Parliament (MP), Dr. Tan Yee Kew said.
The financing option allows issuers to obtain anywhere between RM 1,000 to RM 50,000 in funding. As for basic requirements needed to obtain the said funding, a business would only need to be in operation for six months as opposed to the three years required of Malaysian banks.
microLEAP ensures that approved Issuers will be able to raise funds quickly, securely and in a Shariah-compliant manner by going digital which the issuers only need to provide a copy of the Issuer’s MyKad, bank statements going back six months, and the most recent financial statement, among others.
“We hope that through our partnership with Bazaria Wangsa Maju, we will be able to help traders gain access to the means of raising the funds they need to sustain themselves throughout this festive period and hopefully, experience long-term growth even after Hari Raya as they expand their operations,” Founder and Chief Executive Officer (CEO) of microLEAP, Tunku Danny Mudzaffar highlighted.
In a previous interview with BusinessToday, he stressed that MSMEs are major employers and are integrated in many facets of the economy and, if they can fail, the failure will have a detrimental effect on consumption, employment, and asset values.
One of the beneficiaries of the collaboration is AFM Deals Enterprise in which the partnership has resulted in a successful funding of RM50,000 towards the enterprise.
“I am extremely grateful for the opportunity to have raised funds in a Shariah-compliant manner through an alternative platform like microLEAP.
I plan to use the funds to sustain and further grow my business throughout the Ramadhan period and beyond,” Founder of AFM Deals Enterprise, Ahmad Faisal said.