KUSKOP Allocates RM6 Mln Additional Funds To Support Indian MSMEs

KLANG, Sept 27 (Bernama) -- The Entrepreneur Development and Cooperatives Ministry (Kuskop), through SME Corporation Malaysia (SME Corp), has allocated an additional RM6 million to support small businesses owned by Indian entrepreneurs.

Deputy Minister Datuk Seri R. Ramanan said the funds would be channelled through an existing programme now rebranded as the Business Accelerator Programme for Indian Small Business (I-BAP).

He said the I-BAP offers financial aid in the form of matching grants of up to RM100,000 to enhance the capabilities, performance and productivity of micro, small and medium enterprises (MSMEs).

“The scope of assistance includes the procurement of machinery and equipment, product certification, the adoption of ICT, e-Commerce, the implementation of environmental, social and governance (ESG) practices, as well as advertising and promotions,” he told a press conference following a visit to Renewcell (M) Sdn Bhd here today.

He added that applications for the matching grants will open on Oct 7 and remain available until the funds are fully utilised.

Ramanan said companies wishing to apply must have at least 60 per cent local Indian equity ownership, annual sales exceeding RM300,000, be operational for 12 years and possess an MSME Status Certificate.

“Applicants only need to submit five basic supporting documents such as business registration certificate, business premises licence, financial statements, bank statements and related quotations,” he said.

-- BERNAMA