The loan will only cover the costs of preparing the new 4 ponds (the land can accommodate 16 ponds), buying pumps, blowers, food pellets, and management costs for 5 months. My partner and I will fork 10k for the development.
Please remember that this loan is from the government scheme funds but you have to fit into the basic banking rules, either you have to produce guarantor or charge a physical collateral such as your land or house.
Why only 50k? Because the scheme offers:
- up to RM 15,000 without guarantee
- up to RM 50,000 with 2 guarantor
- more than RM 50,000 if you present physical collateral
Please check here for Commercial Loan with the bank.
Please also drop a visit to your nearest district branch because loan amounting less than RM 50,000 will be handle by the district branch, not the state office, but eventually they will table your application at their state level meetings. And remember to get some recommendation letters from the Penghulu, Village Head or your YB!
Hoping to get the approval soon..wish me luck