Financing for Startup- The Ikhtiar Financing Scheme (IFS)
The Ikhtiar Financing Scheme (IFS): Fighting Against The factors Of Urban Poverty In Malaysia
Some people have money; some don’t. It doesn’t mean that people in the latter group are meant to stay like they are forever. Money shouldn’t be parallel to opportunities; this is something we have realized for quite some time. And when it comes to business, this is something that will change a person’s life with right idea and motivation. Well, it is the foundation behind the IKHTIAR financing scheme. This is an incentive targeted towards poverty driven Malaysians to help them run their own business. A scheme with a lot of potentials here is everything you will need to know about the IKHTIAR financing scheme.
Ikhtiar Financing Scheme (IFS): What Is It All About?
Amanah Ikhtiar Malaysia (AIM) runs the program – Ikhtiar Financing Scheme (IFS), a loan incentive in Malaysia. The program helps poverty ridden Malaysians with interest-free microcredit facilities to help them invest in income-generating activities. Besides, the tenure could be between 25 weeks to 150 weeks, and 10% of annual competitive administration charge applies. AIM expects that this program will be a lot of help to low- income households in Malaysia and women are given priority. With proper reach, this program could help to decrease the total poverty rate in Malaysia, eventually contributing to the growth of GDP.
Before a person can apply for the scheme, he or she needs to fulfill the conditions here.
- The individual should be a Malaysian citizen.
- The individual should be under the poverty line. (Monthly household income less than RM 3,850).
First off, the applicant should have a copy of their NRIC certificate and financial statements stating clearly the monthly household income. Then, he/ she should approach the nearest branch of Amanah Ikhitar Malaysia (AIM) to get the application form and will need to submit the documents along with it. Then, they will need to sit for a small interview, and after AIM approves the application, they will obtain the funds.
Money is how you measure the success of a business; this is a universal rule. But, those who have a good grasp of the business world know that it is more than just money. Like finance, ideas and chances, both are equally important. It is true that investing into something needed money. Yet, it doesn’t mean that those who don’t have any price to pay should have their way blocked. Also in Malaysia, even if is a country that boasts a fast-growing economy, there still are households under the poverty line. We have seen a lot of gap between the rich and poor, and this has to be brought into balance immediately, for even such a small blemish could turn out to be very big in the upcoming time.
And that is where schemes like the Ikhtiar Financing Scheme (IFS) come into play. It might be true that you wouldn’t need this scheme, it isn’t meant for you, but it doesn’t stop you from sharing this information to the people who need it. I hope you understand what I mean and this article helps you.
Ready to start your business now? you can read more about Guide to Start Business in Malaysia.