Kuala Lumpur: The Ministry of Entrepreneur and Cooperatives Development, through SME Corporation Malaysia (SME Corp), has channeled grants totaling RM2.96 million to 48 small Indian-owned enterprises under the Business Accelerator Programme for Indian Small Businesses (I-BAP) to date.

According to BERNAMA News Agency, Deputy Minister Datuk Seri R. Ramanan announced that the programme, which initially required businesses to have annual sales exceeding RM300,000, is now accessible to all small entrepreneurs regardless of their sales figures. “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 explained during a media session following a meet-and-greet and I-BAP letter of offer presentation.

He further announced that applications for the programme will reopen online on April 7, 2025, stating that priority will be given to completed projects to expedite grant distribution. Payments to suppliers are scheduled to commence on June 1, 2024.

Additionally, SME Corp chief executive officer Rizal Nainy revealed that 81 applications were received last year for the RM6 million fund allocated for the programme. He emphasized that under the 13th Malaysia Plan, beginning next year, SME Corp will prioritize efforts to upscale small and medium enterprises (SMEs) to boost their contribution to the national economy.

The event also featured representatives from Tekun Nasional and SME Bank, who provided briefings on financing opportunities available to SMEs.