IN a move to assist small and medium-size enterprises (SMEs) embrace the advent of the Industrial Revolution 4.0, the government is providing grants when these companies invest in the digitalisation of their daily operations.
Through the Finance Ministry, the government is collaborating with Bank Simpanan Nasional (BSN), SME Bank and Malaysia Digital Economy Corporation (MDEC) to manage these grants.
An amount of RM500mil has been allocated towards this endeavour.
Depending on how much an SME spends, it has the potential to receive a grant that matches its spending up to RM5,000.
For example, if an SME were to invest RM3,000 in digitisation, it is entitled to receive a grant amounting to RM3,000, making a total of RM6,000.
An SME that spends RM10,000 would receive RM5,000 as that amount is the limit, which effectively tops up the total to RM15,000.
To be eligible for the grant, the SME should satisfy several key criteria, the first being that the company should be 60% owned by Malaysians and registered under the relevant laws of the country.
It should also be in operation for at least a year.
The second criterion states that the company’s annual turnover should hit a minimum of RM100,000 for a year, or that the SME has an annual turnover of RM50,000 with two years of operation or more.