iTEKAD benefits B40 entrepreneurs and SMEs
16 November 2023
KUALA LUMPUR: Community Engendering Programme ("Programme Penjana Komuniti) is recognised as an initiative under the iTEKAD programme introduced by Bank Negara Malaysia that improves the quality of B40 entrepreneurs and impact on the Small and Medium Enterprise (SME) sector significantly.
Datuk Ewon Benedick the Minister of Entrepreneur Development and Cooperative said the government supports this programme as it serves as a platform to initiate positive transformation and acts as a catalyst to ensure the resilience of participants' businesses.
Ultimately, this success plays an important role in enhancing the economic prosperity of the local community, he said when speaking during the disbursing of facilitation funds for the SME bank iTEKAD Community Engendering.
The implementation of the SME Bank iTEKAD Community Engendering Programme aligns with the objectives of the Small Traders and Small Business Development Plan (P3PK) 2023-2027. P3PK represents a comprehensive and new direction to boost the development of small traders and small businesses.
Based on national policies and rapid digital technology advancements, this effort is crucial in continuing the socio-economic development agenda of this group in particular, he said.
“If previously we conducted business in a traditional manner, now we need to be more daring in exploring digital applications that will help the development of your business. Through P3PK, the government aims to elevate the status of small traders and vendors to achieve higher standards,” he said.
The business development opportunities provided by agencies can have a significant impact on the growth and success of these entrepreneurs. By taking advantage of these resources and adapting to new knowledge, they can expand their businesses, increase their credibility, and build valuable networks.
According to the Department of Statistics Malaysia (DOSM), the SMEs sector achieved a Gross Domestic Product (GDP) growth of 11.6 percent in 2022, surpassing the country's GDP growth of 8.7 percent.
“Considering this development, I call upon all entrepreneurs here and elsewhere to seize the opportunities provided by the government through agencies such as SME Bank and CEDAR, SME Corp, TEKUN Nasional, and others to advance your businesses to a higher level.”
“Opportunities are always available. We just need to be agile and quick to enhance our own capabilities and our businesses, not only to survive but to achieve greater success,” he said, expressing his hope that participants of the iTEKAD Community Engendering Programme will continue to apply the knowledge they have gained and make the best use of the facilitated funds provided.