Business Forum on Working Capital Guarantee Scheme Dialogue

The Panel of speakers at the Business Forum

The Business forum hosted by SITF on March 4, 2011 at the Auditorium Soma, Wisma Tun Sambanthan, KL was very well attended. Three hundred and forty seven (347) people had registered. There was lots of interest on the WCGS and available business loans.

The panel was well represented with speakers from PROKHAS (MoF), Dato Kamal Ali and En Hamid Mohd Noor.  From the banks we had En Zainudin Hj Zakaria from May Bank, En Zakimi Zaman Khan from AmBank and Puan Eliza Dato Abdul Aziz from CIMB

The Q & A was moderated by Dato Jaspal Singh and the SITF Chairman, Datuk Dr Subrmaniam shared some closing words encouraging the participants to access the WCGS and assured that SITF together with the Business Associations will monitor the outcomes.

However during the question and answer time a dominant theme which emerged was the inability of the Indian business community to access these loans. The comments reflected the notion that the requirements were hard to fulfill and even in cases where they could meet it they were rejected because they were Indians



Participants at the forum


 

The banks assured that they were seeking good and potential borrowers and if the requirements were met no one is discriminated based on ethnicity. However financial track record, repayment history, business viability including ability to repay still remain the most critical prerequisites

Dato Jaspal Singh and Datuk Dr Denison assured that the Taskforce together with business associations will set up a special monitoring team to ensure that Indians are able to benefit from the RM1.5 billion WCGS scheme allocation for non Bumiputeras by the Federal government. The Indian Chamber President who was also present also agreed that MAICCI will play a supporting role in this process together with SITF

The target is to assist between 300 and 500 Indian business to apply for the WCGS operated by PROKHAS. There was some optimism in the air as we concluded and many made the effort to meet bank representatives in their booths and secure the necessary relevant information and forms.

Participants at the business forum

Only time will reveal the results. The start has been made and we must move on with confidence in the specific allocations of the federal government to enhance business innovation and wealth creation.