Latest news with #SMEVenture@Asean2025
The Star
4 days ago
- Business
- The Star
Govt considers increasing I-BAP allocation following overwhelming response, says Ramanan
KUALA LUMPUR, 7 Ogos -- Timbalan Menteri Pembangunan Usahawan dan Koperasi Datuk Seri R Ramanan menyampaikan ucapan pada Penyerahan Surat Tawaran Kepada Penerima I-BAP di SME Corp hari ini. --fotoBERNAMA (2025) HAK CIPTA TERPELIHARA KUALA LUMPUR: The government has decided to consider increasing the allocation for the Business Accelerator Programme for Indian-owned companies (I-BAP) to RM10mil in the upcoming Budget, following an overwhelming response since its launch in October last year, says Datuk Seri R. Ramanan. The Deputy Entrepreneur Development and Cooperatives Minister said that RM5.13mil from this year's RM6mil allocation had been approved and would be channelled to recipients. Meanwhile, the remaining RM800,000 is being processed for distribution. New applications have reached RM2mil, pushing total applications beyond RM8mil. "Based on discussions with Minister Datuk Ewon Benedick and SME Corporation Malaysia (SME Corp) chief executive Rizal Nainy, we will propose raising allocations to RM10mil in the upcoming Budget. "If applications rise to RM14mil or RM15mil next year, the government will suggest an additional allocation of RM20mil the following year," he told reporters after attending the handing-over of offer letters to I-BAP recipients here on Thursday (Aug 7), where 31 companies received grant offers ranging from RM7,000 to RM100,000. He also shared the latest proposal of raising the rate of matching grants from 50:50 to 70:30, and expanding the scope of use for the grants to include purchasing raw materials and premises rental payments. "This was suggested by Rizal and will help reduce operational costs for small entrepreneurs, giving them room to focus on growth and innovation," Ramanan said. Meanwhile, I-BAP recipient Chocofac (Malaysia) Sdn Bhd's chief executive officer (CEO) A Micheal Dass said that it was the second time his company had applied for the grants and praised the improvements made to the application process, which he described as being simpler and more inclusive. "Previously it was rather complicated; now it's very easy to apply. The aid will help us improve our product and increase sales. SME Corp has also helped us significantly, including providing shipping subsidies for cross-border business transactions," he said. Fellow recipient, MindAppz E-Tuition CEO K. Thinesh Kumar, stated that I-BAP not only helped strengthen small and medium enterprises but also had a significant impact on education technology companies that introduce artificial intelligence (AI)-based learning systems. Finally, Rizal, during his speech, shared that SME Corp would be organising SME Venture@Asean 2025 in conjunction with Malaysia being the Asean Chair, from Oct 16 to 18 at the Malaysian International Trade and Exhibition Centre (MITEC), which will be officiated by Prime Minister Datuk Seri Anwar Ibrahim. – Bernama
Daily Express
04-05-2025
- Business
- Daily Express
Micro, Small and Medium Enterprise Hub to empower sabah entrepreneurs
Published on: Sunday, May 04, 2025 Published on: Sun, May 04, 2025 By: Sisca Humphrey Text Size: Ewon (centre) signs the MSME Hub plaque and new office witnessed by others. PENAMPANG: The launch of SME Corp Malaysia's new office and the Sabah Micro, Small and Medium Enterprise (MSME) Hub on Saturday marked a significant step forward in the Federal Government's efforts to empower local entrepreneurs, particularly in Sabah. Minister of Entrepreneur Development and Cooperatives, Datuk Ewon Benedick, said the initiative was inspired by his vision to provide accessible facilities and advisory services for the business community in Sabah. 'This hub serves as a one-stop centre for business owners to obtain guidance and information on government entrepreneurship programmes,' he said during the launch at Donggongon Square, here. In 2024 alone, 10,035 entrepreneurs visited SME Corp's physical hubs, with 2,607 visits recorded in the first quarter of this year. Ewon also announced the continuation of the Bumiputera Enterprise Enhancement Programme (BEEP) Plus in 2025, following its positive reception in Sabah and Sarawak. 'I'm pleased with the outcomes of this programme, which aligns with the 'Look East Within the Country' initiative and is tailored specifically to support micro-enterprises in East Malaysia,' he said. As part of the initiative, 15 local entrepreneurs received a total of RM841,099.97 in grants. SME Corp Malaysia Chairman Tan Sri Datuk Seri Bernard Giluk Dompok said the launch was a major milestone under Ewon's leadership in boosting Malaysia's entrepreneurial ecosystem. 'The opening of this hub not only brings the Minister's vision to life but also demonstrates Kuskop's commitment to expanding access to business support,' he said. He also thanked industry players and strategic partners for their continued support in developing the MSME sector. SME Corp CEO Rizal Dato' Nainy said the MSMEs form the backbone of the Malaysian economy, comprising 96.9 per cent of all business establishments. 'This year, we're focusing on digitalisation and global competitiveness. We aim for over 90 per cent of enterprises to digitalise operations by the end of 2025,' he said, adding an MoU with Malaysia Digital Economy Corporation (MDEC) will further support financing, digital tools and training. He encouraged local entrepreneurs to fully use the facilities at the Hub and participate in national-level events like SME Venture @ Asean 2025, scheduled for October in Kuala Lumpur. Ewon urged members of the local business community to be proactive in seeking out information on government assistance, funding opportunities and market access. 'As entrepreneurs, you need to take initiative — get informed, explore your options and make the most of the support systems available,' he said. * Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss. * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
