14th February 2014
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Malaysian Indian entrepreneurs must take cognizance of the fact that race is not a factor in the banks’ considerations when processing loan applications.
Our Director, Girish Ramachandran said the entrepreneurs in fact should focused on whether their business proposals met the banks’ expectations.
He said the entrepreneurs would not get the loans if they failed to meet certain criteria.
“The main reasons why their applications are rejected are probably due to incomplete documents, lack of a guarantee from authorities and perceived weak credit-worthiness.
“Personally, I think Malaysia is the easiest place to get credit and we have seen that the federal government is committed to help the Indian entrepreneurs,” he told Bernama.
Prime Minister Datuk Seri Najib Tun Razak had on June 9, 2012 said the federal government would set aside RM180 million in the form of various loans for the betterment of local Indian entrepreneurs.
From the RM180 million, RM150 million would be reserved through RM10 million from each of the participating 13 banks under the Budget 2012 SME Financing Fund, RM10 million SME soft loans from Malaysian Industrial Development Finance, RM5 million under the Business Accelerator Programme and RM5 million under the Enrichment and Enhancement Programme meant for business start-ups and micro enterprises.
Girish said the monetary funding was seen as one of the plans by the government to assist the Indian community.
