SME Corp signs MoU with SME Bank to Implement New Development Programme for SMEs [ 27-01-2011 ]
News - By administrator on Wednesday, January 26, 2011 - 04:35
Kuala Lumpur, 25 January 2011– Small and Medium Enterprises Corporation Malaysia (SME Corp. Malaysia) has signed a Memorandum of Understanding (MoU) with SME Bank Malaysia (SME Bank) in conjunction with the announcement of new SME development programmes, namely the Business Accelerator Programme (BAP) and the Enrichment & Enhancement Programme (E²).
The signing of the MoU will formalise and further strengthen the cooperation between two agencies under Ministry of International Trade and Industry (MITI) in implementing the Business Accelerator Programme (BAP).
“It is indeed timely that SME Corp. Malaysia formalise their working relationship with SME Bank as indeed the stakeholders of these two agencies are SMEs, important contributors to economic growth and employment creation,” said International Trade and Industry Minister Dato’ Sri Mustapa Mohamed during the ceremony.
The Business Accelerator Programme (BAP) and the Enrichment & Enhancement Programme (E²) will complement existing initiatives already in place in continuous effort to enhance the capacity and capability of SMEs, so as to ensure the SME community is integrated into the mainstream of economic development.
“In the 10th Malaysia Plan and in realigning SMEs into the New Economic Model, the Government will adopt a differentiated approach to accelerate the growth of SMEs and to provide the impetus for growth led by the private sector. In the short-term, this will include the adoption of outcome-based approach in monitoring and assessing the effectiveness of SME development programmes,” said Mustapa Mohamed again.
SME Corp. Malaysia has formulated the Business Accelerator Programme (BAP) which is an integrated approach to develop and nurture dynamic, competitive and resilient SMEs. SCORE (SME Competitiveness Rating for Enhancement) will be made mandatory for all SMEs participating in the programme so as to enable them to ‘diagnose’ the needs of companies with respect to capacity building, advisory and technical support as well as access to financing.
In the meantime, business start-ups and micro enterprises will undergo the Enrichment & Enhancement Programme (E²). Enterprises participating in E² will be made mandatory to undergo M-CORE (Micro-enterprise Competitiveness Rating for Enhancement). Again, after ‘diagnosis’ is completed, an integrated assistance will be provided to companies through capacity and capability building initiatives as well as technical & advisory services and access to financing.
“In the long-term, the focus will be on creating a business ecosystem to promote the growth of SMEs in the country.” added Mustapa Mohamed. Thus, the SME Masterplan is currently being finalised to chart the policy direction of SMEs for the next 10 years from 2011 to 2020. The Plan would propose bold measures for SMEs to achieve the quantum leap in GDP growth and for Malaysia to produce national, regional and global champions that can be the catalysts of growth of the economy.
