MEDAC allocates RM7 bln for entrepreneurs, those affected by pandemic

KUALA LUMPUR: An allocation of more than RM7 billion has been made for entrepreneurs and those affected by the COVID-19 pandemic by the 11 agencies under the supervision of the Ministry of Entrepreneur Development and Cooperatives (MEDAC).

Its minister, Tan Sri Noh Omar, said among the groups that would benefit were those affected by the pandemic, including the informal sector and the small and medium enterprises (SMEs).

The RM7 billion allocation was provided over 100 days.

"From the informal economy, we also focus on those who trade without a licence, those who have been laid off and whom we can invite to become entrepreneurs, those who have not started work, the asnaf group, and also entrepreneurs who put up their own capital," he said.

He was speaking at the launching ceremony of the SME Bank's Let's XCESS 2021 programme for Kuala Lumpur and Selangor as well as the Business Exports Programme (BEP) today.

Let's XCESS 2021 is a programme that provides access to financing and development to SMEs in six regions throughout the country to ensure that as many SME entrepreneurs as possible receive assistance and are not be left behind amid the economic recovery.

BEP, funded by MEDAC and spearheaded by SME Bank, has been extended till 2025 with an additional RM20 million allocation, bringing the total to RM30 million which is expected to benefit 150 SME entrepreneurs by boosting their export capacity and capability.

"The ministry has also set a target for the BEP programme to produce at least 75 new exporting companies and also all participants to record an increase in export sales of RM75 million," Noh said.

He said the Let's XCESS 2021 engagement programme, organised by SME Bank in collaboration with other strategic partners, would enable SME entrepreneurs to bounce back and in turn contribute to the country's economic growth.

According to him, the focus of MEDAC is to outline policies, initiatives and strategies for a more effective entrepreneurial development so that all parties involved in developing the country's SMEs can function in a more organised and effective way.

-- BERNAMA