Microloans for Deserving Families in Difficulties

Mr Mohd Ismail Hussein asked the Minister for Social and Family Development whether alternative sources of microloans from non-profit organisations or social enterprises can be made available for deserving families who need cash to tide over a difficult period.

Mr Chan Chun Sing: Needy families requiring financial assistance for day-to-day expenses can approach the Social Service Offices (SSOs) to apply for ComCare assistance. Since last year, we have expanded the network of SSOs island-wide to improve access for needy residents in their respective towns. There are currently 14 SSOs and this will increase to 23 by the middle of next year.

In addition, credit co-operatives may provide unsecured loans to their members who are earning regular income and have the ability to repay the loans. Those who wish to start or expand their microbusinesses can also consider the MicroCredit Business Scheme which was set up by Tote Board and currently administered by SE Hub Ltd and POSB Bank.