Government initiatives support SMEs entrepreneurs in Malaysia

14 November 2023

By AVV

KUALA LUMPUR: In an effort to empower and uplift Small and Medium entrepreneurs (SMEs) in Malaysia, the government has implemented various programs and initiatives. These initiatives aim to provide financial assistance, training, and support to help entrepreneurs thrive in their businesses.

Datuk Ewon Benedick the Minister of Entrepreneur Development and Cooperative said this in reply to Kudat Member of Parliament Dato Verdon Bahanda who had inquired about the types of assistance and support provided to entrepreneurs and cooperatives in the state of Sabah

Ewon who is also the Penampang Member of Parliament answered, “Amanah Ikhtiar Malaysia (AIM): AIM has allocated a substantial amount of RM195.2 million to provide financing to 31,828 Sahabat Usahawan (Entrepreneurial Friends), enabling them to access the necessary funds to grow their businesses.

TEKUN Nasional has played a significant role by providing micro-financing totaling RM121 million to 5,468 entrepreneurs. This financial support has helped these entrepreneurs establish and expand their businesses according to him, adding that In its commitment to supporting SMEs entrepreneurs, Bank Rakyat has provided financing amounting to RM164 million to 355 entrepreneurs. This funding has been crucial in helping entrepreneurs realize their business aspirations.

“SME Bank has been instrumental in assisting PMKS entrepreneurs by providing financing of RM127.5 million to 98 entrepreneurs. This financial support has enabled entrepreneurs to invest in their businesses and drive economic growth while SME Corp. has implemented various entrepreneur development programmes to foster the growth and success of PMKS entrepreneurs.”

“These programmes include Tunas Usahawan Belia Bumiputera (TUBE). This programme has granted RM3.66 million to 244 young entrepreneurs, empowering them to kick-start their business ventures.

“As for Peningkatan Enterprise Bumiputera (BEEP) it has provided grant financing of RM2.08 million to 10 companies, enabling them to expand their operations and reach new markets. SMEs Status and SME Competitiveness Rating for Enhancement (SCORE) have certified a total of 1,052 companies, recognising their excellence and competitiveness in the market.”

“Pembangunan Perniagaan Usahawan (BizME), with an allocation of RM320,000, has provided training assistance to 108 entrepreneurs, equipping them with the necessary skills and knowledge to succeed in their businesses,” he elaborated.

“As for Pengukuhan Eksport PKS (SME G Global) and Galakan Eksport Bumiputera (GEB), these programmes have granted approved allocations totaling RM270,000 to five companies, facilitating their entry into the global market and enhancing their export capabilities.”

“Peningkatan Enterprise Bumiputera (BEEP) Plus, this special grant, with RM5 million allocated for Sabah, has received applications from 20 Bumiputera entrepreneurs in Sabah, further boosting business growth in the region,” he said adding that in an effort to provide guidance and support 3mes focused on mentoring and consultation, benefiting 1,402 entrepreneurs.

Within the cooperative movement, significant assistance and support have also been provided, including, Business Development Programmes through Cooperatives (eFast) and the Online Cooperative Product/Service Trading Programmes (eDAPAT). Five cooperatives have received a total of RM458,500, enabling them to enhance their business operations and expand their market reach, he said.

“As for the Cooperative Commission Malaysia's (SKM) Revolving Capital Funds, eight cooperatives have been granted financing amounting to RM30.74 million, empowering them to invest in their cooperative ventures and foster economic growth. As for Malaysian Cooperative Institute (IKMa), a total of 46 guidance courses have been conducted by IKMa, with the participation of 4,497 cooperative members. These courses have provided valuable knowledge and skills to enhance the cooperative sector.

He went on to share that sixteen programmes have been implemented under Cooperative Madani Sales, with an allocation of RM161,000, facilitating cooperative sales and promoting their products and services.

“Furthermore, the Ministry has announced plans to introduce a cooperative tourism economic stimulus package with RM2 million funding next year. This package aims to boost the cooperative sector's involvement in the tourism industry, benefiting Malaysia as a whole, including Sabah and Sarawak.”