KUALA LUMPUR: Bank Rakyat aims to provide RM50 million microfinancing to entrepreneurs and micro-businesses in 2024.
Deputy Minister of Entrepreneur Development and Cooperatives Datuk R Ramanan said, Bank Rakyat's continued support for the micro, small, and medium enterprises (MSMEs) sector aligns with the government's goal of internationalising MSMEs.
Ramanan said this is a key agenda for the country's economic transformation through the Madani Economy initiative, emphasising societal factors, values, and norms in the Malaysia Madani concept.
"The target for this year is similar to the previous year, where over RM50 million in microfinancing was disbursed to 1,856 entrepreneurs and micro-businesses," he told during a press conference here today.
Bumiputera enterprises were disbursed with RM43.5 million, RM5.4 million to the Chinese community and RM1.04 million for the Indian community.
Bank Rakyat, with assets totaling RM117 billion, is recognised as the country's top development bank.
On another matter, Ramanan said he has engaged in discussions with relevant banks for collaboration with entrepreneurs from the National Entrepreneurship Institute (Insken) involving financial assistance and business loans.
He mentioned that almost 100 percent, of Insken trainees have succeeded in business.
Meanwhile, Bank Rakyat chief executive officer, Datuk Dr Mohammad Hanis Osman, expressed the bank's commitment to strategically develop entrepreneurs and cooperatives.
"This commitment involves providing expert guidance and effective business management facilities, especially to underserved communities," he added.
Mohammad Hanis said this included initiatives like SU.TE.RA, an interaction platform connecting entrepreneurs with various stakeholders, including government agencies.
Programmes such as 'Santai Namun Sampai,' the #asalkepompongmenjadisutera campaign, Islamic Financing Workshops, Graduate Mentor Programme, and Vendor Development Programme have had a significant impact, with over 5,300 participants nationwide.