PUTRAJAYA – The Entrepreneur Development and Commodities Ministry (Medac) will implement 86 programmes with a total allocation of RM5.15 billion this year for the development of the small and medium enterprises (SMEs) sector, said Minister Datuk Seri Wan Junaidi Tuanku Jaafar.
He said the programmes for entrepreneurs and would-be entrepreneurs were implemented under the Medac Strategic Plan 2021 framework based on the 5E approach, namely Enculture, Enable, Empower, Energise, and Engage.
Wan Junaidi said the RM5.15 billion allocation did not only come from Medac but also from other ministries, such as the Finance Ministry and the International Trade and Industry Ministry.
“We are the implementers, but the financial resources come from other ministries,” he said, adding that the implementation of the programmes included related funding and moratoriums; capacity building and training; and digitisation and adaptation of technology, as well as providing access to markets.
Wan Junaidi said this in a press conference after the Medac monthly gathering and the Medac One Year Prihatin Malaysia Achievement ceremony here today, which was also attended by Medac secretary-general Datuk Suriani Ahmad.
Meanwhile, Wan Junaidi is also optimistic of achieving the target of producing 100 millionaires every year among SME entrepreneurs, where Medac agencies – namely Tabung Ekonomi Kumpulan Usaha Niaga (Tekun Nasional) and SME Corporation Malaysia (SME Corp) – have identified individuals who can be “accelerated forward”.
“We will help them in all aspects, not only national marketing but also international marketing, including halal certification so that they can penetrate the market of Islamic countries,” he said.
Highlighting the achievements of a year leading Medac, Wan Junaidi said he was satisfied with the performance shown by staff and agencies under Medac such as Tekun Nasional, SME Corp, Institut Keusahawanan Negara Bhd, Bank Rakyat, and SME Bank.
On the financing side, SME Corp reported 90% growth in its financing approval last year to RM87.6 million involving 9,247 SMEs compared with RM46.1 million and 1,326 SMEs in 2019.
Tekun Nasional reported a 55% growth in its financing to RM655.41 million involving 33,365 recipients, compared with RM423.6 million involving 20,675 recipients in 2019, he said.
To reduce bureaucracy and improve the delivery system so that affected entrepreneurs get funding assistance immediately, he said Medac had reduced the duration of the funding process and simplified the application process.
As a result, the approval period for the financing programme under Tekun has been reduced from 25 days to seven days and from 17 supporting documents to only four documents, he said. The approval process for the Bank Rakyat Cares financing programme has been reduced from 10 days to three days for existing customers and five days for new customers, while the financing approval process under SME Bank has been reduced from 30 days to four days only.
The Malaysian Cooperative Commission has reduced the processing time for financing applications under the Cooperative Development Revolving Capital Fund from 30 days to 14 days, he said. – Bernama, March 15, 2021
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