SME BANK LAUNCHES VANIGHAM FINANCING SCHEME FOR INDIAN ENTREPRENEURS

KUALA LUMPUR, March 25 (Bernama) -- SME Bank has launched the Vanigham Financing Scheme (VFS), a dedicated initiative to assist Indian entrepreneurs in expanding their businesses and enhancing competitiveness.

Deputy Minister of Entrepreneur Development and Cooperatives Datuk Seri R. Ramanan said the scheme allocates RM50 million in financing 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 one per cent subsidy on the profit rate. This product also offers financing ranging from RM100,000 to RM300,000,” he told a press conference after launching the VFS at Menara SME Bank here today.

Also present were Entrepreneur Development and Cooperatives Ministry secretary-general Datuk Seri Khairul Dzaimee Daud and SME Bank chief executive officer Datuk Dr Mohammad Hardee Ibrahim.

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 RM50 million allocation for the BRIEF-i programme had been fully utilised, with additional applications received. Similarly, the TEKUN 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.

Indian entrepreneurs interested in VFS can apply from today until Dec 31, 2027, via www.smebank.com.my or by contacting 03-26037700.

-- BERNAMA