The eligibility criteria for matching grants of up to RM100,000 under the Business Accelerator Programme for Indian Small Business (I-BAP) have recently been streamlined. This move aims to make it easier for more Indian micro, small, and medium enterprises (MSMEs) to access and benefit from the financial support available.
Deputy Minister of Entrepreneur Development and Cooperatives, Yang Berhormat Dato’ Sri R. Ramanan, announced that online applications for the grant have been open since Monday. He added that the previous requirement—limiting eligibility to businesses with annual sales exceeding RM300,000—has been removed.
He stated that, aside from removing the minimum annual sales requirement, the I-BAP has been further simplified. Priority will now be given to projects that have already been completed and for which payments to suppliers have been made starting from June 1, 2024.
He explained that the enhancement was introduced in response to the positive reception from Indian entrepreneurs. However, to be eligible, applicants must possess a valid MSME Status Declaration Certificate. Additionally, those applying for projects involving the adoption of Environmental, Social, and Governance (ESG) practices are required to undergo an MSME Assessment.
Dato’ Sri Ramanan stated that the grants cover a range of expenses, including the purchase of machinery and equipment to enhance product quality, boost productivity, and improve production efficiency. They also support the adoption of information and communication technology (ICT) and eCommerce, implementation of ESG initiatives, product certification, as well as advertising and promotional activities.
He emphasized that the targeted support provided through I-BAP reflects the Unity Government’s dedication to advancing the development of the Indian community, in line with the Malaysia MADANI vision that promotes fair and inclusive economic growth.
“By upholding the principles of equality and inclusiveness championed under Malaysia MADANI, the government is confident that this initiative will help bridge the economic gap between different racial groups,” he said.
Meanwhile, SME Corp Malaysia Chief Executive Officer Rizal Nainy reported that, to date, a total of 48 companies have been approved for grants under I-BAP, amounting to RM2.96 million. The majority of these recipients are small-sized enterprises.
He noted that the support provided to this group is expected to help elevate their businesses, aligning with SME Corp’s goals. This comes as Malaysia, under the 13th Malaysia Plan (13MP), aims to scale up MSMEs by increasing the proportion of medium-sized enterprises from the current 1.8 percent to 5 percent. Rizal stated that new applications for the assistance will remain open for two weeks, or until the number of applications received reaches the maximum allocated limit, whichever comes first.
Entrepreneurs seeking more information about the eligibility criteria and application requirements for I-BAP can visit SME Corp Malaysia’s official website or follow their official social media platforms.
The streamlined eligibility criteria for the Business Accelerator Programme for Indian Small Business (1-BAP) are designed to provide greater access to financial support for Indian micro, small, and medium enterprises (MSMEs). The removal of the minimum sales requirement and the prioritization of completed projects reflect the government’s commitment to fostering business growth and supporting the development of the Indian community in line with the Malaysia MADANI vision.
Source: Bernama
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