Bank Rakyat looks to provide RM50mil in micro-financing to help entrepreneurs, says Ramanan

PETALING JAYA: Bank Rakyat will be looking to provide at least RM50mil in micro-financing to help assist the development of entrepreneurs and micro-businesses in 2024, says Datuk R. Ramanan.

The Entrepreneur Development and Cooperatives deputy minister revealed that the financing would be part of the bank’s continued support of the micro, small, and medium enterprises (MSMEs) sector.

“The bank had disbursed around RM50mil in micro financing to 1,856 entrepreneurs and micro-businesses last year, and they hope to replicate their success again this year.

“This dedication to providing financial help to more entrepreneurs and small businesses from all walks of life is key to helping the Government achieve its aspiration of eradicating extreme poverty,” he said in a press conference on Thursday (Jan 4).

In a press statement, Bank Rakyat revealed that Bumiputera MSMEs were disbursed RM43.5mil while Chinese MSMEs were disbursed RM5.4mil and Indian MSMEs were provided RM1.04mil in financing.

Ramanan added that such financing was vital for helping MSMEs increase in competitiveness while aligning with the government’s future goal of internationalising local MSMEs.

To this, Bank Rakyat chief executive officer Datuk Dr Mohammad Hanis Osman said the bank’s commitment would also include providing expert guidance and effective business management facilities, especially to the underserved communities.

“We will continue to work hand-in-hand with MSMEs to eventually help them graduate from being a micro business into a small business, and that is our ultimate goal,” he said.