Are you looking to grow your business? Here is a complete overview of the Government Grants for SMEs to guide you the best way we can. Read more to understand the government assistance and benefits available based on your business needs. Get in touch today to find out if your business is eligible for Government Grants.
Government grant Malaysia is a reward or an initiative offered by the government authority for a particular purpose or a project. With the help of grant programs, the government provide funding for businesses, that help in stimulating the economy. The government grant Malaysia are set for business, including small to medium-sized enterprise (SME). Even in the most economically challenged of times, the government is one of the best sources for grants. The agenda is to offset digitalisation, cover marketing cost, and help maintain the competition in the evolving digital economy (Deskera). Nowadays, there are a lot of ministries and agencies providing grants to help with the Malaysian SMEs growth as well as boosting their sales. The Malaysian government has launched various of grants according to the industry to not only help them grow bigger, but to expand their businesses domestically and internationally.
After the world was hit by COVID-19 pandemic in 2020, the world has never been the same again. Small to medium enterprise (SME) were affected the most by this situation. They still had to pay for utility bills, taxes, rent, salaries etc regardless of how the business is going. In order to help, the Malaysian government has launched a lot financial aids and grants that can be a lifesaver for your businesses. It can also give a massive boost to the growth of your enterprises (Ayushi Somani, 2021).
Here are 14 Government Grants Malaysia that could potentially benefit your company :
01. PERMAI Special Prihatin Grant (GKP)
02. Targeted Loan Repayment Assistance (TRA)
03. Wage Subsidy Programme (WSP 3.0)
04. SME Digitalisation Grant
05. MARA Business Payment Rescheduling
06. Boosting Online Businesses
07. Electricity Bill Support
08. PEMERKASA’s Additional Employment Incentives
09. Penjana Kerjaya 2.0
10. Indian Community Entrepreneur Development Scheme (SPUMI)
11. Insentivising Woman Entrepreneurs
12. Supporting New Startup Launches
13. Safe@Work Initiative
14. Working Capital Guarantee Scheme (SJMK)
On April 1, 2022 Commerze Capital has launched the Bangkit SME campaign. The campaign aims to provide 2 financial facilities such as factoring (invoice financing) and financial advisory services, for SMEs that are affected by COVID-19 and this campaign will last for three months.
Commerze Capital is committed to helping SMEs to restore and streamline business cash flow as well as grow their businesses sustainably. This campaign is specially designed for suppliers, vendors and contractors to governments, GLCs and companies listed in Bursa Malaysia.
This campaign is also as an initiative organized by Commerze Capital in effort to help to revive the country’s economy, in line with the Malaysian government’s call for SME empowerment.
The process to apply for these grants depends on the type of grants you are applying for. There are certain kinds of eligibility requirement that SMEs are required to fulfill such as :
Although there are variations attached to different set of assistance offered by the Malaysian government, all of the eligibility mentioned above is common for all grants.
Following are the step-by-step process for the grant applications :
Check the eligibility requirements.
Prepare all the documents required to submit in the application. Please prepare the documents below:
• Company Registration Certificate
• Copy of identity cards of Director/Sole Proprietors
• Copy of Company bank statement for the last three months
• Other documents related to the eligibility
Fill in the form to process your application.
Apply and check the status of your application.
Pay the required registration fees for the successful application and wait for the update from the government.
Grants support critical recovery initiatives, innovative research and many other programs. Grant is one of the way the government can assist small businesses in Malaysia to grow. Various initiatives are being put in place with hope in stimulating the economic growth by uplifting the large contingents of SMEs in many industries and sectors. The recent Covid-19 pandemic has also resulted in the Malaysian government to launch a comprehensive economic recovery plan worth up to RM10 billion. Discover government grants for SME and get instant quality results with DagangHalal today!
For more information, you can also visit the official website or the Malaysia Ministry of Finance Facebook page.
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