KUALA LUMPUR: The Ministry of Entrepreneur Development and Cooperatives (MEDAC) has agreed to increase the initial RM10 million allocation for the Business Exports Programme (BEP) under SME Bank to RM30 million.
Minister Tan Sri Noh Omar said that the ministry has also decided to extend the programme until 2025.
"This will be made up a total allocation of RM30 million for BEP, which is expected to benefit 150 small and medium enterprises (SME) entrepreneurs.
"The ministry has also set a target to produce 75 new exporting companies under BEP, generating RM75 million in exports sales," he said in his speech at the launch of Let's XCESS 2021 engagement programmes and BEP today.
Noh said the economic recovery, which is expected to continue until 2022, is a good sign for the SME sector.
He said the initiative taken by SME Bank in organising the Let's XCESS 2021 program in collaboration with other strategic partners would enable SME entrepreneurs to revitalise their businesses and, in return, contribute to the country's economic growth.
"As for MEDAC, our focus is to outline more effective entrepreneurship development policies, initiatives and strategies so that all parties involved in developing the country's SMEs can function in a more organised and effective manner," he said.
SME Bank group president and chief executive officer Aria Putera Ismail said the main focus would be to resolve access to financing often faced by SMEs.
"To ensure the Let's XCESS 2021 program is more comprehensive, SME Bank also invites large companies or anchors such as Prowheels Distributor, Petro Teguh, Bateriku.com, Ayamas and Chatime that will offer opportunities to entrepreneurs as franchisees or participants in their business programmes.
"These companies are also participating in SME Bank's umbrella financing program, which will assist entrepreneurs in diversifying their businesses and providing guidance on how to ensure their businesses remain competitive using complete SOPs," he said.
The Let's XCESS 2021 virtual tour program will continue with the east coast region on October 7, Sabah and Sarawak on October 21, the northern region on November 11, the central region on November 23 and the southern region on December 9.