He said that assistance would be channelled through Tekun Nasional, a body under the Ministry of Entrepreneur Development and Cooperatives and the MIC-owned Social Strategic Foundation (YSS).
Speaking to reporters after a briefing by Tekun managing director Datuk Abdul Rahim Hassan here Thursday, he said loans of RM10,000 each had been approved for three applications to develop their businesses so far.
Samy Vellu said Indians below 40 should use the opportunity to seek the financial assistance from Tekun to upgrade their businesses.
"No one should come and say that the government has not done anything for the Indian community. There are opportunities available," he said.
Samy Vellu said the MIC and YSS would also organise workshops in the respective states to disseminate the information on Tekun to the youths over the next two months.
Abdul Rahim said Tekun, which was set up in 1998, has already disbursed RM90 mil to bumiputras to develop their business and was expanding it to provide assistance to the Indian youths.
He said a decision of the applications would be made within 14 days if all the documents were in order, compared to the previous period of three months.
"Tekun would request additional allocation from the government if the RM3 mil allocation was inadequate," he said.