48 Indian Businesses Benefit from RM2.96 million in I-BAP Grants

A total of 48 small Indian-owned businesses have been awarded grants amounting to RM2.96 million under the Business Accelerator Programme for Indian Small Business (I-BAP) an initiative by SME Corporation Malaysia (SME Corp).

Deputy Minister of Entrepreneur and Cooperatives Development YB Dato Sri Ramanan Ramakrishnan stated that the recipients were selected from applications submitted between 7th October and 31st October last year. He emphasized that the programme plays a crucial role in enhancing the capabilities of Indian entrepreneurs by offering business advisory services and financial assistance with matching grants up to RM100,000.

Previously, I-BAP was accessible to businesses with an annual sales turnover exceeding RM300,000. However, in response to overwhelming demand, the eligibility criteria have been revised. Now all small entrepreneurs can apply, regardless of their annual sales of RM300,000, RM200,000 and even RM100,000.

“We want to ensure that more small entrepreneurs, including micro-enterprises, can benefit from this programme. By removing the sales turnover requirement, we are widening the reach and impact of I-BAP”, said YB Dato Sri Ramanan.

Upcoming Application and Faster Grant Distribution

The next round of I-BAP applications will reopen online on 7th April 2025, to accelerate the disbursement process, the ministry has introduced a prioritization system for grants. Businesses that have already completed their projects and made payments to suppliers will receive priority funding with payments commencing from 1st June 2024. This approach is expected to enhance efficiency and provide timely financial aid to businesses in need.

Past Success and Future Plans

Last year, 81 applications were received for the RM6 million fund allocated under I-BAP demonstrating the strong interest in the programme. SME Corp Chief Executive Officer Rizal Nainy reaffirmed the agency’s commitment to fostering SME growth.

The event also saw participation from representatives of Tekun Nasional and SME Bank, who provided briefings on financial opportunities available for SMEs.