MIC Youth to help Malay Indian traders get loans

Kuala Lumpur, June 14 (ANI): The youth wing of the Malaysian Indian Congress (MIC) has decided to intensify efforts to aid Malay Indian small and medium entrepreneurs get easy loans.

MIC Youth chief T. Mohan said the community should avail itself of the opportunities available.

On the sidelines of a banking scheme's launch for Indians here, he announced that under Bank Simpanan Nasional' micro-financing scheme, 16 million ringgits have been allocated to the Malay-Indian community.

Mohan said businesses with a paid-up capital of below 250,000 ringgits were eligible for the scheme.

"The amount of credit available ranges from 5,000 to 50,000 ringitts and no collateral or guarantor is required," The Star Online quoted him, as saying.

"Those interested can obtain application forms from the MIC Youth headquarters. on average, it would take two weeks for a loan to be approved," he added

The financing covers SMEs involved in manufacturing, retail, services and wholesale.

Mohan told reporters that MIC Youth would hold a nationwide roadshow to promote and raise awareness on financing facilities available for Indian SMEs. (ANI)