KUALA LUMPUR: A total of 20 companies have been granted nearly RM1.5 million through the Indian Business Accelerator Programme (I-BAP), an SME Corporation Malaysia (SME Corp) initiative designed to support small businesses owned by Indian entrepreneurs in Malaysia.
The I-BAP programme, managed by the Ministry of Entrepreneur and Cooperatives Development (Kuskop), offers matching grants of up to RM100,000, to help Indian-owned small businesses improve their capacity, capability, and business performance.
Deputy Minister Datuk Seri R. Ramanan said that this group of recipients is the first batch after the application period closed on October 31.
"The approved financial assistance amounts to RM6 million, but the applications we received totalled almost RM26.14 million.
"For the coming year, I will discuss with Kuskop Minister Datuk Ewon Benedick and SME Corp's chief executive office Rizal Nainy, and bring the matter to the prime minister to seek a larger allocation for I-BAP," he told reporters at the presentation of offer letters to the first group of 20 I-BAP recipients here today.
Ramanan, who announced the I-BAP programme on Sept 27, also said that 61 more applications are still under evaluation, bringing the total number of small businesses owned by Indian entrepreneurs expected to receive financial assistance to over 70.
He said the grants cover expenses for purchasing machinery and equipment to improve product quality, as well as for boosting productivity and manufacturing efficiency.
Other areas include the adoption of information and communication technology (ICT) and e-commerce, the implementation of environmental, social, and governance (ESG) practices, product certification, and the execution of marketing and promotional activities.
"The specific allocation for Indian entrepreneurs through I-BAP demonstrates the government's commitment and seriousness in enhancing the development of the Indian community in line with the Madani Economic Framework, which aims for a more equitable and inclusive national economic growth.
"With the assistance received, I hope that Indian entrepreneurs can improve efficiency and productivity to increase sales and business profits," Ramanan added.
One of the grant recipients, R. Abiramee, 42, said she received RM62,000 to purchase and repair a fresh milk-based ice cream machine, which she has been operating for over a year in a factory in Shah Alam, Selangor.
"Previously, we imported ice cream from India, but now we make it ourselves in Malaysia.
"After attending training at SME Corp, I gained a lot of valuable information, and I decided to apply for this assistance when the applications opened in October this year," she said. – Bernama