Selangor Journal: Selangor rebrands micro entrepreneurs fund, to benefit businesses from more industries
SHAH ALAM, March 4 — The Selangor Micro Entrepreneurs Fund has been rebranded as the Selangor Madani Micro Entrepreneurs Fund as part of the state government’s bid to aid in the expansion of more small businesses.
Speaking at its launch today, Menteri Besar Dato’ Seri Amirudin Shari emphasised the fund’s significance in helping urban poor individuals break free from poverty and the low income cycle.
“We believe that such assistance can overcome the critical challenge of access to finance for micro, small and medium entrepreneurs, enabling them to purchase additional equipment to expand their businesses,” he said at the State Administrative Building, here, today.
Amirudin said while the previous version of the fund had focused on micro-businesses in rural areas, the state administration recognises the challenges faced by urban and semi-urban poor families.
“We can no longer ignore the challenges of the urban poor and must enact initiatives to give them opportunities to grow.
“This is the commitment of this administration so that no one in Selangor is left behind, in line with the principle of ‘Kita Selangor’, so that we can progress together.”
The revamped fund will also now include entrepreneurs in the multimedia creative industry, cultural arts creative industry, and cultural heritage creative industry, in addition to other micro-businesses.
Amid the rise of digital technology and digitalisation of business and economy, Amirudin emphasised the importance of local traders and entrepreneurs, particularly those in Selangor, to penetrate the Southeast Asian market.
“After the Covid-19 pandemic, online economy platforms have enabled entrepreneurs to work from home and increase their sales through various platforms and social media,” he noted.
Under the fund, RM2 million is allocated annually, with eligible applicants able to receive a maximum grant of RM30,000 for the purchase of equipment.
Since its inception in 2015 until last year, a total of RM20.06 million has been allocated to aid 1,029 micro-entrepreneurs.
To be eligible for the grant, businesses need to have a sales turnover of not more than RM300,000 or employ less than five full-time staff.
Applicants must also be aged between 18 and 60, demonstrate consistent production and demand track records, and have been operational for at least two years.
