Bank Rakyat sets up SMECs to empower micro, SMEs

KUALA LUMPUR: Bank Rakyat has set up a number of Small and Medium Enterprises and Cooperatives business centres (SMEC) to empower the country’s entrepreneurial development sector.

SMEC is a one-stop centre that provides holistic advisory and financing services for micro, small and medium enterprises (SMEs) and cooperatives, with the ability to achieve a RM1.0 billion funding approval target for SME entrepreneurs and RM75 million for micro-entrepreneurs in 2021.

It also enables such category of customers to deal with Bank Rakyat without having to go to the bank’s branches.

To date, three SMECs, in Kuala Lumpur, Selangor and Melaka have commenced operations while seven more will be opened nationwide including in Sabah and Sarawak.

Other than coming in person to the SMEC, customers can also virtually access the services by scanning the Quick Response to Entrepreneur (QR2E) code to perform digital banking.

In a statement, Bank Rakyat said the initiative is in line with its Strategic Plan 2025 (BR25) to enhance its financial assets through a specific business centre offering financing facilities for entrepreneurs.

Entrepreneur and Cooperatives Development Minister Datuk Seri Dr Wan Junaidi Tuanku Jaafar said the SMEC is a manifestation of the ministry’s agenda as stated in the National Entrepreneurship Policy 2030 to position Malaysia amongst the fully entrepreneurial countries by that year.