Kuala Lumpur: The eligibility requirements for applying for matching grants of up to RM100,000 under the Business Accelerator Programme for Indian Small Business (I-BAP) have been simplified to encourage more Indian micro, small, and medium enterprises (MSMEs) to benefit.

According to BERNAMA News Agency, Deputy Minister of Entrepreneur Development and Cooperatives Datuk Seri R. Ramanan announced that the grant application process, which opened online this Monday, no longer requires businesses to have annual sales exceeding RM300,000 to be eligible. This change aims to broaden access and support to Indian MSMEs. Additionally, priority will be given to projects completed with payments made to suppliers from June 1, 2024.

Ramanan highlighted that applicants must possess a valid MSME Status Declaration Certificate and undergo an MSME Assessment for projects related to Environmental, Social, and Governance (ESG) practices. The grants cover expenses such as the procurement of machinery, equipment, ICT and eCommerce adaptation, ESG implementation, product certification, and advertising.

The initiative reflects the Unity Government’s commitment to the Indian community’s development, aligning with Malaysia MADANI’s goals of equitable and inclusive economic growth. The government is optimistic that this approach will help bridge the economic gap among races.

Meanwhile, SME Corp Malaysia CEO Rizal Nainy reported that 48 companies have been approved for grants totaling RM2.96 million under I-BAP, predominantly benefiting small-sized enterprises. This support aims to elevate business operations, aligning with Malaysia’s 13th Malaysia Plan (13MP) objectives to increase medium-sized enterprises from 1.8% to 5%.

Rizal noted that new applications would be open for two weeks or until the allocated commitment is met. Interested entrepreneurs can find more information on eligibility and application requirements on SME Corp Malaysia’s website and social media channels.