The 2022 National Budget, the largest in the country's history, offered Malaysians the lifeline they needed to rebuild their lives following the Covid-19 pandemic and the upcoming 2023 Budget looks set to continue such initiatives to further support their recovery.
For Vengadise Palaniasamy, 23, the BSN Micro/i-Pemerkasa financing scheme kept his animal feed store afloat when fodder prices surged earlier this year due to the Russia-Ukraine war.
"I applied for the Bank Simpanan Nasional's (BSN) Micro/I-Pemerkasa loan in Dec 2021 and I received the funds in March 2022. By that time, animal feed prices had jumped by almost RM10 per packet because of a supply shortage in raw materials," he told the New Straits Times.
"The funds allowed me to make bulk purchases of the item before it increased further. If I had to order the items on a weekly basis, my production cost would have shot up because animal feed has been getting expensive since the war started."
Bulk buying also saved him transport and logistics costs while the low interest loan allowed him to strengthen his business without having to worry about repayment.
Vengadise, who is currently studying civil engineering in Universiti Malaysia Perlis (UniMAP), said venturing into the animal feed business was his childhood passion.
"My uncle had a transport company and drove lorries to supply animal feed to poultry farms. I used to tag along and eventually, I decided to set up the Vanji Superfresh Feed store in Sitiawan, Perak."
Since June, he has also been running a cattle ranch and hopes Budget 2023 would support young farmers like him with special one-off payments for first-timers to buy and breed cows and goats, and also provide technical assistance through relevant agencies to identify suitable grazing lands.
The 2022 Budget was also a blessing for Kuala Lumpur durian crepe seller, Norhidayu Kamarul Nujum, 39, who is among the beneficiaries of the RM40 billion Semarak Niaga Keluarga Malaysia initiative that was launched by Prime Minister Datuk Seri Ismail Sabri Yaakob last February.
"At that time, I was short on funds to sustain my business. So, when I found out that BSN was offering low-interest loans, I immediately seized the opportunity. I started to increase my raw material purchases as well as other necessary infrastructure."
"I was also able to hire more agents to market and promote my dessert. In that sense, Semarak Niaga was a double blessing because it sustained my livelihood and enabled me to support others in need," she said.
Besides keeping businesses afloat, the 2022 Budget has also helped many people to learn new skills through the virtual e-Latih platform for free.
Solehah Amin Hussaini, 33, landed a job in research and development but it was unrelated to her event management degree and a Master's degree in applied entrepreneurship.
She had to pick up new skills to adapt to her workplace but she had limited resources and options. That was when she learnt about e-Latih from her colleagues who had benefited from the programme.
Solehah enrolled in various courses, such as project management, leadership, communication, self-development courses, and even Spanish language.
"The Covid-19 pandemic hampered my plans to attend face-to-face training lessons. The e-Latih platform provided a golden opportunity for me to upskill and trainees are given an e-certificate upon completion.
"The new skills that I acquired moved me up the ranks from an executive officer to an assistant manager under the Initiative Development Unit in Human Resources Development Corporation (HRD Corp)," she said.
To date, Solehah has completed 33 courses and plans to complete at least 100 courses through e-Latih before the year ends.