MIC Youth raring to help traders get loans

MIC Youth will intensify efforts to assist Indian small and medium-entrepreneurs (SMEs) obtain loans and financing.
Its chief T. Mohan said the community should avail itself of the opportunities available.
He said this to reporters after launching a Bank Simpanan Nasional (BSN) micro-financing scheme for Indians here yesterday. A total of RM16mil or 8% of the scheme’s RM200mil has been allocated to the community.
Mohan said businesses with a paid-up capital of below RM250,000 were eligible for the scheme.
“The amount of credit available ranges from RM5,000 to RM50,000 and no collateral or guarantor is required,” he said.
“Those interested can obtain application forms from the MIC Youth headquarters.”
Mohan said, on average, it would take two weeks for a loan to be approved.
The financing covers SMEs involved in manufacturing, retail, services and wholesale.
Mohan added that MIC Youth would hold a nationwide roadshow to promote and raise awareness on financing facilities available for Indian SMEs.
Also present at the launch was BSN deputy CEO Winston E. Jeya-prakash.