PETALING JAYA: SME Bank, a leading Malaysian development financial institution in fostering entrepreneurial growth, has reaffirmed its commitment to empower micro, small and medium enterprises, particularly Bumiputera entrepreneurs – underscoring its dedicated role as a catalyst for the economic transformation and growth of MSMEs.
SME Bank group president/CEO Datuk Wira (Dr) Aria Putera Ismail said, “We have implemented a comprehensive suite of initiatives tailored to meet the varied needs of Bumiputera entrepreneurs. SME Bank consistently aligns itself with the government’s initiatives and agenda to empower Bumiputera entrepreneurs, in line with the overarching objective of Bumiputera economic transformation outlined in the New Agenda for Bumiputera Empowerment.
“Since its inception, SME Bank has approved more than RM30.6 billion financing to a total of 17,380 Bumiputera MSMEs, encompassing dedicated Bumiputera programmes and various other financing facilities.”
These include the i-SMART Programme (SME Bank Upward Migration and Acceleration Programme), an RM180 million initiative focused on creating Bumiputera champions. This programme focused on accelerating the growth and performance of MSMEs, propelling them towards global competitiveness and contributing significantly to the social wellbeing of the community.
SME Bank takes the lead in fostering export-oriented expansion with the Business Exports Programme (BEP), an intervention initiative funded by the Ministry of Entrepreneur and Cooperatives Development (MECD) in partnership with Matrade.
Bolstered by a dedicated fund of RM30 million, BEP is crafted to elevate the capacity and capability of companies for international exports. Another RM500 million of Jaguh Serantau Financing in support of the Bumiputera export causes.
Furthermore, SME Bank allocates RM10.5 million to the Vendor Capacity & Capability Development Pro-gramme to extend support to Bumiputera vendors in enhancing their competitiveness, sustainability, and resilience.
As part of Budget 2024, an allocation of RM200 million is designated for Dana Kemampanan PMKS Bumiputera to provide additional support to Bumiputera entrepreneurs. This initiative aims to elevate the stature of Bumiputera MSMEs by integrating funding and financing. Through this allocation, Bumiputera entrepreneurs are empowered to expand their businesses and bolster com-petitiveness in foreign markets.
In its commitment to the development of social enterprises, SME Bank introduced the Social Enterprise Financing Scheme, with an allocation of RM15 million. This scheme provides financial assistance for Basic and Accredited Social Enterprises recognised by MECD to finance their asset acquisition and/or working capital requirements.
Aligning with its corporate res-ponsibility, SME Bank introduced the iTEKAD Penjana Komuniti and iTEKAD Ishraf Programme, with an allocation of RM 11.3 million. These strategic initiatives aim to bridge the opportunity gap, creating a sustainable economic impact on the livelihoods of B40, Asnaf, and single mothers entrepreneurs by providing essential skills, tools, and support for establishing and maintaining successful businesses. By providing a structured programme, SME Bank aims to create competitive and resilient entrepreneurs, uplifting their standard of living and contributing to the community and the nation.
