BNM CONTINUES TO SUPPORT MSMES UNDER BUDGET 2024

A total of RM600 million from selected facilities under Bank Negara Malaysia's fund for small and medium enterprises has been earmarked for four target segments, Bank Negara Malaysia said.

The central bank said it will continue to support priority segments of the micro, small and medium enterprises (MSMEs) to obtain financing at competitive rates.

“The four target segments are a RM200 million increase in allocation for the micro-enterprises facility, RM200 million under the all economic sectors facility, and RM100 million each under the agro-food facility and the low carbon transition facility, respectively,” it said in a statement.

The central bank provided the details on the assistance for MSMEs as announced in the Budget 2024 speech by the Prime Minister and Minister of Finance, Datuk Seri Anwar Ibrahim on 13th October, 2023.

Meanwhile, it said overall, about RM8.4 billion is still available for MSMEs across all financing facilities under the BNM's fund for SMEs.

These facilities are aligned with efforts to support the involvement of MSMEs in key national initiatives including the New Industrial Master Plan 2030, the National Energy Transition Roadmap, and other initiatives under Budget 2024.

For more information on these and other facilities under BNM's Fund for SMEs can be obtained at bnm.gov.my/funds4sme.

The bank added that an additional RM25 million in grants would be allocated to support the expansion of the iTEKAD initiative and assist low-income micro entrepreneurs.

These funds would be matched with social finance funds such as donations (including corporate social responsibility funds), zakat, and cash waqf.

For more information on iTEKAD and other social finance initiatives can be obtained at bnm.gov.my/social-finance.