KUALA LUMPUR: Local Indian companies can now apply for financing from the RM180mil special government allocation, said Minister in the Prime Minister’s Department Datuk Seri G. Palanivel.
He said the applications could be made directly to the 13 participating banks, MIC, Yayasan Strategic Sosial (YSS) and the special secretariat for empowerment of Indian Entrepreneurs (SEED).
He said the grant was intended to assist Indian entrepreneurs, including those in micro enterprises.
Speaking to reporters after meeting bank representatives at his ministry yesterday, Palanivel, who is the MIC president, said he had been entrusted with the task of managing the allocation.
He said the allocations would be disbursed to companies with majority stake held by Indians.
He said each applicant would be eligible to apply for up to RM5mil.
He said the banks were expected to take between one and three weeks to process the loans.
He said the Government, through Bank Negara and the Credit Counselling and Debt Management Agency, would partner SEED to provide advisory services to those blacklisted or declared bankrupt.
The RM180mil allocation was announced by Prime Minister Datuk Seri Najib Tun Razak last month.