SME Corp Malaysia chief executive officer Rizal Nainy delivers his keynote address during the Southern Region Micro Madani Tour in Johor Baru, Johor. - NSTP/NUR AISYAH MAZALAN
JOHOR BARU: Local entrepreneurs witnessed remarkable growth last year, based on data sourced from the Department of Statistics Malaysia (DOSM).
Micro, Small and Medium Enterprises (MSMEs) entrepreneurs doubled their contribution to the country's Gross Domestic Product (GDP), recording 11.6 per cent in 2022.
The substantial increase is a stark contrast to the 1.3 percent growth observed among MSMEs in 2021.
SME Corp Malaysia chief executive officer Rizal Nainy said the growth surpassed the growth recorded before the Covid-19 pandemic.
"Despite their modest sizes, MSMEs exhibited greater resilience and recovered faster compared to established larger corporations, which showcased the MSMEs pivot role in the nation's economic resurgence and expansion," he said during the Southern Region Micro Madani Tour, today.
To-date, SME Corp. Malaysia has provided financial assistance in the form of grants and financing worth over RM1.71 million to more than 25 MSMEs operating in Johor.
The financial aid was disbursed as part of the Youth Bumiputera Entrepreneur Seed Program (TUBE) totalling RM230,000, the Bumiputera Enterprise Enhancement Program (BEEP) RM687,000, and RM800,000 under the SME Revitalisation Financing Scheme (SMERF).
During the tour, about 400 entrepreneurs participated in a briefing session on the Micro Madani strengthening programme, held at the Holiday Villa Hotel, here.
Rizal said among the key challenges faced by MSMEs were access to permanent financing.
"Given these circumstances, SME Corp. introduced the Micro Madani programme, which provides financial aid to micro-enterprises in the form of grants, loans, and vouchers through five main initiatives, namely via its Business Micro Grants, Youth Micro Business Grants (TUBE), BEEP Plus for Sabah and Sarawak, and MSMEs Status Registration Vouchers."
As of September this year, SME Corp registered 27,054 MSME applicants, with 3,121 (11.5 per cent) of them were from Johor. - NST
