RM23.11 mln for development of 168 SMEs in Terengganu

KUALA TERENGGANU: A total of RM23.11 million has been allocatedbySMECorporationMalaysia (SME Corp) Terengganu to develop 168 small and medium enterprises (SMEs) in Terengganu since 2007.

SME Corporation Malaysia Terengganu Director Muhammad Ibrahim said Terengganu received the highest allocation followed by Melaka with RM17.94 million for 297 SMEs and Penang with RM15.14 million (124 SMEs).

The 168 SMEs in Terengganu are in the food and beverage, manufacturing, services, mining, oil and gas and retail sectors.

“The funds were given to purchase newer and better machinery to improve production capacity and meet the needs of customers.

“With the funds, entrepreneurs only need to come up with 50 per cent of the total cost to purchase equipment and other business necessities,” he told Bernama yesterday.

Muhammad Ibrahim said SME Corp Terengganu is constantly monitoring the development of SMEsinthestateespeciallythrough the SME Competitive Rating for Enhancement (SCORE) system.

“SME Corp and our strategic partners will be able to determine if acompany,whichhasbeengranted a loan, was making progress and improving its ratings from one star to two or three-star.

“Through the SCORE system, we can also identify the type of financing which is suitable and benefit the company.

“Companies with three-star rating and above will be linked to MalaysiaExternalTradeDevelopment Corporation and Malaysian Investment Development Authority, for furtherexposureandopportunities toventureintotheASEAN market,” he added. — Bernama