RM50mil available to take MSMEs to the next level

KUALA LUMPUR: About RM50mil in micro-financing from Bank Rakyat is available to entrepreneurs and micro-businesses this year, says the Deputy Entrepreneur Development and Cooperatives Minister.

Datuk R. Ramanan said this is part of the bank’s continued support of the micro, small and medium enterprise (MSME) sector.

He said the bank disbursed the same amount to 1,856 entrepreneurs and micro-businesses last year.

“This dedication to providing financial help to more entrepreneurs and small businesses is key to meeting the government’s objective of eradicating extreme poverty,” he told a press conference at Menara Kembar Bank Rakyat here yesterday.

He said such financing was vital in helping MSMEs enhance their competitiveness while aligning with the government’s goal of internationalising them.

Bank Rakyat chief executive officer Datuk Dr Mohammad Hanis Osman, who was also present, said the bank was also committed to providing expert guidance and effective business management facilities, especially to under-served communities.

“We will continue to work closely with MSMEs to eventually help them graduate from a micro business into a small business. That is our ultimate goal,” he said.

In a statement, the bank said bumiputra MSMEs were given RM43.5mil, with their Chinese and Indian counterparts receiving RM5.4mil and RM1.04mil in micro-financing in 2023.