I-BAP GRANTS WORTH RM2.96 MLN PROVIDED TO 48 INDIAN-OWNED ENTERPRISES

KUALA LUMPUR, March 19 (Bernama) -- The Ministry of Entrepreneur and Cooperatives Development, through SME Corporation Malaysia (SME Corp), has channeled grants totalling RM2.96 million to 48 small Indian-owned enterprises under the Business Accelerator Programme for Indian Small Businesss (I-BAP) to date.

Deputy Minister Datuk Seri R. Ramanan said the programme, which was previously only open to businesses with annual sales exceeding RM300,000, is now available to all small entrepreneurs without any minimum sales requirement.

“Previously, we set a sales turnover requirement of RM300,000 annually to apply. However, due to high demand, we have amended this requirement so that all small entrepreneurs can apply, whether their annual sales are RM300,000, RM200,000, or RM100,000,” he told the media after a meet-and-greet and I-BAP letter of offer presentation here today.

He also announced that applications for the programme will reopen online on April 7, 2025.

“To expedite the distribution of grants, priority will be given to projects that have been completed, and payments to suppliers will be made starting June 1, 2024,” he added.

Meanwhile, SME Corp chief executive officer Rizal Nainy said 81 applications were received last year for the RM6 million fund allocated for the programme.

“Under the 13th Malaysia Plan that starts next year, SME Corp will focus on efforts to upscale small and medium enterprises (SMEs) to enhance their contribution to the national economy,” he said.

The event today was also attended by representatives from Tekun Nasional and SME Bank who gave a briefing on financing opportunities for SMEs.

For more information on the programme, entrepreneurs can visit the official website, www.smecorp.gov.my.

-- BERNAMA