The Ministry of Entrepreneur Development and Cooperatives (MEDAC) is hoping to see more SME entrepreneurs including micro enterprises, cooperatives, social entrepreneurs, start-ups and informal entrepreneurs continue to be assisted in terms of financing, capacity building and training.
With that, ten companies in Johor managed to record outstanding performances in elevating its businesses through the SME Bank’s Upward Migration intervention programme.
According to the MEDAC minister Datuk Sri Wan Junaidi, the success of the companies was measured by an increase of either sales and revenue, number of employees, export revenue and technology adaptation.
“These 10 companies received total financing worth RM24.5 mil and for the state of Johor as a whole, SME Bank recorded financing approvals worth RM209 mil to 197 SME entrepreneurs which was approved by its two branches in 2020,” Wan Junaidi said.
Since its inception in 2005 and to date, SME Bank has approved financing worth over RM34 bil to more than 19,000 customers. Its subsidiary, CEDAR (Center for Entrepreneur Development and Research Sdn. Bhd.) has trained more than 59,000 participants in various entrepreneur development programs.