KUALA LUMPUR: The eligibility requirements to apply for matching grants of up to RM100,000 under the Business Accelerator Programme for Indian Small Business (I-BAP) have now been simplified to encourage more Indian micro, small and medium enterprises (MSMEs) to benefit.
Deputy Entrepreneur Development and Cooperatives Minister Datuk Seri R. Ramanan said the grant application had been open online since Monday (April 7). However, the eligibility requirement stipulating that only businesses with annual sales above RM300,000 per year are eligible to apply has been abolished.
"In addition to no longer setting a minimum limit on annual sales volume, I-BAP is simplified with priority given to projects that have been completed and have made payments to suppliers starting June 1, 2024," he said in a statement on Wednesday (April 9).
He said the improvement was made following the favourable response among Indian entrepreneurs, but to apply for it, they need to have a valid MSME Status Declaration Certificate and undergo an MSME Assessment if they are applying for projects related to the adaptation of Environmental, Social and Governance (ESG) practices.
Ramanan said the grants received included expenses for procuring machinery and equipment to improve product quality, productivity and production efficiency, adapting information and communication technology (ICT) and eCommerce, implementing ESG and certifying products, as well as advertising and promotion.
"The targeted assistance through I-BAP proves the Unity Government's commitment to enhancing the development of the Indian community in line with the idea of Malaysia Madani, which aims for more equitable and inclusive economic growth.
"Through the principles of equality and inclusiveness emphasised under Malaysia Madani, the government is confident that this approach will reduce the economic gap among the races," he said.
Meanwhile, SME Corp Malaysia chief executive officer Rizal Nainy said to date, a total of 48 companies have been approved for grants amounting to RM2.96mil under I-BAP, with most of the recipients being small-sized enterprises.
"The assistance to this group is expected to be able to help upgrade their business in line with SME Corp's aspirations as Malaysia is focusing on scaling MSMEs in the 13MP, specifically to increase the number of medium-sized enterprises to five per cent from the current 1.8%," he said.
Rizal said new applications for assistance would be available for two weeks or until the number of accepted applications reaches the maximum allocated commitment.
Entrepreneurs who wish to obtain more information on the eligibility criteria and requirements for the I-BAP application can visit the website at SME Corp Malaysia's official www.smecorp.gov.my link and social media channels. – Bernama
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