Alan Wei
KUCHING (Oct 7): The National Budget 2023 has clearly put more emphasis in helping small and medium enterprises (SMEs) to get back on their feet, said SMEs Association of Sarawak secretary-general Alan Wei.
He noted while previously, there were a lot of monetary handouts, this time the government is trying to help by giving grants and loans instead through certain channels.
“All the funds and assistance are channeled through certain channels such as banks, associations like us, the National Entrepreneur Group Fund (Tekun), Mara and so on.
“However, it is going to be a challenge as these channels have their own procedures in the selection of candidates to qualify for the budget assistance. How lenient can we make the procedures and shorten the processes so SMEs can receive the help intended for them?” he said today.
He was responding on behalf of the association to the Budget 2023 which was tabled by Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz in Parliament on Friday.
Wei said the association would do its best to direct the SMEs to the right channels and to help those in need.
“We urge the public and SMEs not to give up – keep trying and approaching all these channels because we believe that as long as they don’t give up in their businesses and are seeking to connect with the (right channels for) assistance, they are bound to connect to some.
“Even myself, an agropreneur, am facing the same challenges. All our SME Sarawak Council and members understand the pain and difficulties. Keep fighting the good fight,” he advised.
Wei added the association, bankers and other channels need to figure out how best to channel the aid to help the economy.
The Budget 2023 amounted to RM372.3 billion, which is a RM40.2 billion increase from Budget 2022.
Among the highlights relevant to SMEs are RM10 billion in loan funds to be made available through Bank Negara to encourage SME automation and digitisation; RM45 billion allocation of Semarak Niaga Keluarga Malaysia funds for entrepreneurs; taxable rate on the first RM100,000 income of micro, small and medium enterprises (MSMEs) being reduced from 17 per cent to 15 per cent; RM305 million in loans for youths starting businesses through SME Bank, Tekun, Mara, Bank Simpanan Nasional and Agrobank; RM50 million allocated for the Cradle Fund; a one-off grant of RM1,000 to all registered MSMEs; and more.