PETALING JAYA: The Small and Medium Enterprises Association Malaysia (Samenta) is urging for the quick disbursement of the additional RM2.5bil in financing to ensure SMEs are not faced with bureaucratic hurdles in accessing the funds.
“The criteria should be clear and transparent, so there is no room for the financial institutions distributing these funds to interpret it differently,” said Samenta president Datuk William Ng.
“There should also be no requirements for these funds to go only to SMEs with certain ratings, since different businesses have different needs and success factors,” he said.
Bank Negara said in a statement on Tuesday that following Prime Minister Datuk Seri Anwar Ibrahim’s New Year message on the additional allocation for the central bank’s fund for SMEs, an additional RM2.5bil will be provided under the fund with a focus on channelling the money to first-time borrowers.
Ng also voiced the association’s appreciation of the 10 initiatives announced designed by the government to help SMEs weather challenges ahead.
“This comprehensive support package, valued at nearly RM80bil, serves as a critical injection of liquidity and a buffer against the rising costs of compliance,” he said in a statement.
Ng said Samenta is committed to working as a strategic partner with the Entrepreneur and Cooperatives Development Ministry to bridge the gap between policies and the reality on the ground.
“This package announced by the Prime Minister and championed by the ministry is a major leap towards making Malaysian businesses great again, and we look forward to the rapid execution of these initiatives,” he said.
On the part of Samenta, Ng said the association outlined other proposals to ensure these policies achieve their maximum impact.
This includes having an industry-led SME transition academy to produce certified occupational safety and health, data and environmental, social and governance officers.
“This is to prepare our SMEs for transformation into AI and the circular economy.
“We cannot repeat the mistake of assuming the SMEs are ready. We must prepare them now.”
Ng also called for tiered support for high-growth SMEs.
“While the RM1.5mil threshold for rental tax is excellent, we encourage a tiered approach for retailers and construction firms where revenue is high but net margins are razor-thin.”
“Furthermore, SMEs operating within shopping malls whose landlords surpass this threshold should also be exempted from the rental SST to ensure a level playing field,” he added.
