KLANG: The Entrepreneur Development and Cooperatives Ministry has set aside an additional RM6 million through its agency, SME Corp Malaysia, specifically for Micro, Small and Medium Enterprises (MSMEs) owned by Indian entrepreneurs.
Deputy Minister Datuk Seri R. Ramanan said the additional allocation would be channelled through an existing programme rebranded as the Business Accelerator Programme for Indian Small Business (I-BAP).
He said that through I-BAP, Indian entrepreneurs were offered financial assistance in the form of matching grants of up to RM100,000 to enhance the capacity, capability, performance and productivity of MSMEs.
"This includes expenditure for the acquisition of machinery and equipment to improve product quality and production efficiency, product certification, ICT adaptation and eCommerce, the adoption of environmental, social and governance (ESG) practices, as well as the implementation of marketing and promotional campaigns.
"The special allocation for Indian entrepreneurs' MSMEs under I-BAP is timely, considering their importance in contributing towards the realisation of the Madani Economic framework's objectives to achieve more equitable, inclusive, and sustainable growth.
"The government will continue to provide support in empowering MSMEs, including Indian-owned MSMEs, to elevate them to greater heights," he said at a press conference after a visit to Renewcell (M) Sdn Bhd in Bukit Raja today.
Ramanan reminded Indian MSME entrepreneurs to act quickly in seizing the opportunities offered through the I-BAP programme, as funds were limited and only applications that meet all the set eligibility criteria would be considered.
"For expenses that cannot be covered under I-BAP, MSMEs have other financing alternatives available under SME Corp Malaysia," he said.
Meanwhile, SME Corp Malaysia chief executive officer Rizal Nainy, said RM24.12 million in grants has been approved for 197 companies under the Business Accelerator Programme (BAP) to date in 2024.
He added that of this amount, RM1.07 million has been approved for 12 Indian-owned companies.
"The BAP programme has proven to have a significant impact on MSMEs. This is demonstrated by the results of the 2024 MSME Survey under the 12th Malaysia Plan by SME Corp Malaysia, which found that 73.1 per cent of MSMEs receiving BAP assistance successfully improved efficiency, productivity, sales, and profits," he said.
For more information on I-BAP, please visit the website www.smecorp.gov.my.
Online applications will open on Oct 7.