KUALA LUMPUR: SME Bank has launched the Vanigham Financing Scheme (VFS), a dedicated initiative to help Indian entrepreneurs expand their businesses and enhance competitiveness.
Deputy Entrepreneur Development and Cooperatives Minister Datuk Seri R. Ramanan said RM50mil in financing has been allocated for the procurement of machinery, equipment and commercial vehicles, which are essential for business operations.
"We presented this initiative to Prime Minister Datuk Seri Anwar Ibrahim for approval and support, and as a result, we received an additional 1% subsidy on the profit rate.
"This scheme also offers financing ranging from RM100,000 to RM300,000,” he told a press conference after launching the VFS at Menara SME Bank here on Tuesday (March 25).
Also present were ministry secretary-general Datuk Seri Khairul Dzaimee Daud, SME Bank chief executive officer Datuk Dr Mohammad Hardee Ibrahim and its group chairman Datuk Muslim Hussain.
Ramanan said up to 250 registrations from Indian entrepreneurs are targeted under VFS, similar to other schemes such as the Prosperity Empowerment and A New Normal for Indian Women (PENN) and the Bank Rakyat Indian Entrepreneur Financing-i (BRIEF-i).
"The RM50mil allocation for the BRIEF-i programme had been fully utilised, with additional applications received. Similarly, the Tekun Nasional Economic Fund has also seen an increase in applications.
"For VFS, we aim to benefit 250 entrepreneurs. What is more important is addressing the actual needs,” he said.
Those interested in VFS can apply from today until Dec 31, 2027 via www.smebank.com.my or by contacting 03-26037700. – Bernama
