KUALA LUMPUR, 19 March 2025 – The Ministry of Entrepreneur Development and Cooperatives (KUSKOP), through its agency, SME Corp. Malaysia, has approved a grant of RM2.96 million for 48 small Indian-owned businesses under the Business Accelerator Programme for Indian Small Business (I-BAP). The I-BAP program, which was open from 7 October 2024 to 31 October 2024, aims to enhance the capacity of Indian-owned companies through business advisory services and financial support in the form of matching grants of up to RM100,000.
The event, which included a friendly gathering and the presentation of offer letters to I-BAP recipients, was graced by the presence of YB Dato’ Sri Ramanan Ramakrishnan, Deputy Minister of Entrepreneur Development and Cooperatives. The event, held in conjunction with the PMKS Open Day, was attended by over 100 Micro, Small, and Medium Enterprises (PMKS), including 26 small Indian-owned businesses that received I-BAP grants.
In his speech, YB Dato’ Sri Ramanan Ramakrishnan shared good news about I-BAP, stating, “Taking into account the positive response received from PMKS, I am pleased to announce that applications for this program will reopen online starting 7 April 2025. Additionally, to enable more PMKS to benefit from this program, the eligibility criteria have been improved, as there will no longer be a minimum annual sales requirement to apply for I-BAP. Previously, only businesses with annual sales exceeding RM300,000 were eligible
Furthermore, to expedite the grant disbursement process, priority will be given to projects that have been completed and have made payments to suppliers starting from 1 June 2024,” he added.
Meanwhile, YBrs. Encik Rizal bin Dato’ Nainy, Chief Executive Officer of SME Corp. Malaysia, mentioned in the same event, “With a fund allocation of RM6 million, SME Corp. Malaysia received 81 applications from Indian-owned small businesses under I-BAP in 2024. SME Corp. Malaysia remains committed to supporting PMKS to become more resilient, and under the 13th Malaysia Plan (RMK13), which begins next year, efforts will focus on scaling PMKS to increase their contribution to the national economy
The friendly gathering with YB Dato’ Sri Ramanan Ramakrishnan also provided a platform to strengthen relationships and enhance cooperation between SME Corp. Malaysia and grant recipients from the Indian entrepreneurial community, while encouraging networking that can expand business and entrepreneurial opportunities. Additionally, grant recipients had the opportunity to meet and provide direct feedback to the Deputy Minister and SME Corp. Malaysia.
During the same event, TEKUN and SME Bank were invited to deliver briefings on financing opportunities available to PMKS. More than 10 booths were also set up at the PMKS Open Day, including those from I-BAP grant recipients, to showcase their products and services. Also present was YBrs. Encik Rizal bin Dato’ Nainy, CEO of SME Corp. Malaysia.
