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aws全区号(www.2km.me)_STRENGTHENING SMEs – BACKBONE OF THE ECONOMY

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SMALL and medium-size enterprises (SMEs) form an integral part of the Malaysian economy as they contribute 38% or more than RM500bil to our gross domestic product (GDP).

With 1.15 million of SMEs nationwide, they form 97.2% of the total number of business establishments in Malaysia, employing close to 70% of the country’s workforce.

So naturally when the pandemic hit the economy last year, a majority of them were not spared the repercussions.

Some had problems with their working capital while others just could not afford to maintain their workforce. About 37,000 SMEs were unable to weather the storm and had to close down.

Ensuring that the bulk of SMEs survive and remain sustainable to face the future has always been at the forefront of the Government’s priorities – evident through the multiple stimulus packages that have been rolled out since last year with efforts further intensified in Budget 2022.

For starters, a total of RM14.2bil was made available to SMEs such as through Bank Negara’s special fund, especially the Targeted Relief and Recovery Facility (TRRF), which has been increased by RM2bil.

The TRRF offers a loan size of up to RM500,000 at a rate of up to 3.5% per annum, for a duration of up to seven years including a moratorium period of at least six months.Budget amidst a pandemic: We have to understand that this is a budget in a pandemic, said ACCIM's Koong.

According to the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) treasurer-general and SMEs committee chairman Koong Lin Loong, there is an abundance of initiatives and assistance that have been rolled out by the Government.

“The allocations for SMEs in Budget 2022 itself may not be enough and we have to understand that this is a budget in a pandemic. We have to read Budget 2022 together with all the other stimulus packages that were rolled out.

“One of the initiatives is the wage subsidy programme. This is the first time in history that the Government is helping the private sector to pay their staff salary. It is still in place today, especially for the tourism industry,” he said.

The Government set aside RM20bil for wage subsidies and this effort is also continued through Budget 2022 for specific sectors to help employers retain their workers and keep their businesses afloat. The SMEs are expected to be the main beneficiaries of this allocation, due to its demographic.

Among other measures that would be instrumental in assisting the SMEs in their recovery are the 0% microcredit loans by Bank Simpanan Nasional and Agrobank for the first six months of the loan tenure; a deferment of income tax installment payment for six months until June 30 next year; a RM100mil matching grant for bumiputera SMEs to explore business opportunities in the aerospace field; and, RM25mil for the Halal Development Corporation to produce more halal SMEs.

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