KUALA LUMPUR: SME Bank has allocated RM300 million through its Lestari Bumi Financing Scheme to help develop micro and small entrepreneurs to enable them to increase production capacity, expand market access, and be more competitive to ensure business sustainability.
Group president and chief executive officer Aria Putera Ismail said the scheme was part of several initiatives announced by the government in Budget 2021.
"Through this scheme, entrepreneurs can apply for working capital and purchase of assets with total financing ranging from RM100,000 to RM750,000.
"The scheme enables entrepreneurs to receive more structured assistance according to their business needs and gain access to more effective and organised training and coaching programmes from Centre for Entrepreneur Development and Research Sdn Bhd, a wholly-owned subsidiary of SME Bank," he said in a statement today.
Meanwhile, in the same statement, Deputy Minister of Entrepreneur Development and Cooperatives Datuk Wira Mas Ermieyati Samsudin said the scheme was aimed at helping micro and small entrepreneurs impacted by the effects of COVID-19.
She said based on statistics by the Companies Commission of Malaysia, a total of 41,349 businesses were affected and closed down as a result of the pandemic.
Mas Ermieyati also called on the almost two million small and informal businesses that were still unregistered nationwide to do so in order to receive appropriate assistance that are channelled through government agencies such as SME Bank.
Apart from launching the Lestari Bumi Financing Scheme, SME Bank also signed a memorandum of understanding with three government agencies today.
The agencies are Sarawak Economic Development Corporation, TEKUN Nasional, and Amanah Ikhtiar Malaysia. - Bernama