15 Latest SME Grants for Malaysia’s Businesses (2024) 15 Latest SME Grants for Malaysia’s Businesses (2024)

15 Latest SME Grants for Malaysia’s Businesses (Jan 2024)

Embarking on a business journey involves more than just an idea; it’s about navigating the financial terrain.

Whether you’re launching or expanding, government grants can be a game-changer. For small and medium-sized (SME) businesses in Malaysia, 2024 brings a slew of opportunities.

Thankfully, the Malaysian government has provided plenty of tailored grants and financial aid to help SMEs.

To save your precious time, our content team has curated a list of latest SME grants for you, so you can discover the lifelines waiting to fuel your business growth effortlessly 😊

Without further ado, let’s unravel the Malaysian government grants awaiting your entrepreneurial spirit.

NCER Grant

NCER CoE User grant

Agency in Charge:

NTIC (NCER Technology Innovation Centre)

Application Deadline:

End of 2025

Target Group:

Malaysian companies in NCER to carry out high technological activities. 

Eligibility Criteria:

  • Local Micro, SME and Large Local Companies in NCER (Perlis, Kedah, Pulau Pinang and Perak)
  • Product/process development activities to move up the value chain must be performed by NTIC’s approved CoE Provider.

Project Criteria:

  • The project must have a strategic impact on the ecosystem development & value chain in NCER.
  • The project must be in accordance with the NTIC framework.
  • The project must have a business model for long-term self-sustainability.

Project duration: 

  • Maximum of 12 months from the date of approval.
  • Agreement period: Maximum of 15 months from the date of approval.

Form of Aid:

  • Matching grant of RM 100,000, 50:50 ratio
  • Max capped at RM 100,000
  • Minimum project cost allowed: RM5,000

Details:

  • Maximum 1 project to develop per year/company and to allow the usage of multiple of CoE Provider.
  • Funding is for the services & consultancy, including usage of equipment, testing, reliability, failure analysis, and R&D&D&C activities provided by NTIC’s approved CoE.
  • To ensure no double dipping from other agencies (Cradle, MIDA, MRANTI, etc.) by checking documents during claim submission.

Reimbursement Method:

  • 25% – project start
  • 75% – project complete
  • Project status verification by the appointed CoE Provider(s) (VeecoTech) on project initiation and/or project completion for the disbursement of funds.

VeecoTech is an NTIC Matching Grant approved CoE Provider, whose diverse expertise, proven track record, and cutting-edge facilities ensure seamless alignment with the NTIC framework and industry standards, providing the ideal foundation for successful project development and implementation.

View our official NCER grant page for more information!

CIP Sprint

what is CIP Sprint grant

Source: Instagram

Agency in Charge:

Cradle Fund Sdn Bhd

Application Deadline:

Available throughout the year

Target Group:

Entrepreneurs that need funds to:

  • fund their technology-based business venture
  • cover expenses such as product enhancement, market access, market expansion and others. 

Form of Aid:

Conditional Convertible Commercialisation Grant 

Details:

  • CIP SPRINT is disbursed to recipients via advance payment and reimbursement basis.
  • Funding utilisation for CIP Sprint: At least 60% is for commercialisation expenses & maximum of 40% for other expenses such as product development and/or enhancements
  • Up to RM600,000 for a maximum duration of eighteen (18) months, covers the commercialisation of tech and covers SMEs

Related Info:

CIP Spark

What is CIP Spark grant

Source: Instagram

Agency in Charge:

Cradle Fund Sdn Bhd

Application Deadline:

Available throughout the year

Target Group:

Entrepreneurs that need fundings to cover the development and pre-commercialisation of their technology start-ups.

Form of Aid:

Conditional grant, Conditional Development / Pre-Seed Grant

Details:

  • It is funding in the form of a conditional grant to assist early-stage entrepreneurs to develop and commercialise their products.
  • Up to RM150,000 for a maximum duration of eighteen (18) months
  • Open to both companies and individuals.
  • CIP SPARK is disbursed to recipients via advance payment and reimbursement basis
  • Funding utilisation for CIP Spark: At least 60% is for developmental expenses & maximum of 40% for non-developmental expenses (including commercialisation expenses.

Related Info:

Compare CIP Sprint and CIP Spark SME grant

Source: Instagram

Market Development Grant (MDG)

Market Development Grant details

Source: L & Co Facebook

Agency in Charge:

Malaysia External Trade Development Corporation (MATRADE)

Application Deadline:

Available throughout the year

Target Group:

  • Small And Medium Enterprises (SMEs)
  • Professional Service Providers (Sole Proprietor Or Partnership)
  • Trade & Industry Associations, Chambers Of Commerce Or Professional Bodies
  • Co-operatives

That hope to promote Malaysian made products or services globally (only B2B)

Form of Aid:

Reimbursable grant of the lifetime limit of RM300,000

Criteria:

Applicants must participate in international trade fairs or exhibitions held in Malaysia/ overseas physically or virtually.

The expenses covered by this grant include the expenses of utilising digital marketing tools in virtual events.

Related Info:

eTRADE Programme 2.0

eTRADE infographic by Bernama
Source: Bernama

Agency in Charge

Malaysia External Trade Development Corporation (MATRADE)

Application Deadline

Onboarding Scheme applications are available throughout the year, effective 8th January 2024 (didn’t mention a specific deadline).

Target Group

Malaysian MSMEs who wish to accelerate export activities via sustained participation in cross-border eCommerce platforms.

The added features for eTRADE Programme 2.0 are digital marketing activities and eCommerce related trainings.

Eligibility Criteria

Company must adhere to the criteria below:

  • Registered with Suruhanjaya Syarikat Malaysia (SSM) –
    – Type of organisation: Company (ROC) / Business (ROB) / Limited Partnership (LLP)
    – Co-operatives registered with Suruhanjaya Koperasi Malaysia (SKM)
    – Or relevant business registration bodies or local authorities* (for Sabah and Sarawak).
  • Made in Malaysia – selling Malaysian-made products or Malaysian brand registered with MyIPO.
  • Malaysian Owned – at least 60% Malaysian ownership.
  • SME – in accordance to SMECorp SME Definition.
  • Must be a MATRADE member and have undertaken Exporters Readiness Assessment Test (ERAT).
  • Registered with MyExport.
  • Open for Manufacturer / Trading Company only.

*City Hall, Municipal, Town Board or District Office (for Sabah) / District Office or Inland Revenue Board (for Sarawak).

Additional Criteria for Onboarding Scheme

  • Minimum 6 (six) months in operation.

Additional Criteria for Digital Marketing and Training (DMT) Scheme

  • Minimum 1 (one) year in operation.
  • eCommerce ready – business operation on cross-border eCommerce platform(s) or cross-border eCommerce website for minimum of 1 (one) year.

Form of Aid

A qualified applicant may receive the following financial incentives:

Onboarding Scheme

  • RM5,000*
  • For onboarding any cross border eCommerce platform or multiple platforms.

Digital Marketing & Training (DMT) Scheme

  • RM20,000*
  • For undertaking any digital marketing activities and / or attending eCommerce training programmes.

*per company, for one (1) year subscription / one (1) year activities.

[Note: eTRADE 2.0 reimbursements are subject to the availability of government funds]

Related Sources

VeecoTech is an authorised TSP recognised for its team of industry experts and proven track record in website design, eCommerce development, and SEO services.

View our official website for more information!

Grants for Agriculture Industry

These grants are tailored to support SMEs in the agriculture industry, providing vital resources for sustainable growth and innovation.

Program Agropreneur Muda (PAM)

Program agropreneur muda

Source: eCentral

Agency in Charge:

Ministry of Agriculture and Food Security

Application Deadline:

Available throughout the year

Target Group:

Malaysian citizens aged between 18 and 40 years who want to or already involved in agro-based entrepreneurship, including crop production, livestock farming, fisheries, food and agricultural industries, and agrotechnology.

Form of Aid:

Young Agricultural Entrepreneurs Grant (GAM)

  • Provide assistance in the form of merchandise up to RM20k per person without repayment
  • Individuals who suffered from property damage are eligible for a second chance to reapply for this subsidy too.

Technical consulting and training services

  • Technical training or consultation will be provided by relevant departments based on scheduled slots in each state

Financing scheme (Some websites mentioned this but couldn’t find it on the official website)

  • 2% low-interest financing option for existing projects to expand agricultural initiatives that have been in operation for at least a year.
  • The amount of financing is as follows:
    • Agrobank: RM50k to RM500k per project
    • National TEKUN: Up to RM50k per project

Related Info:

Program Geran Padanan High Impact Product (HIP)

Program geran padanan high impact product

Source: KPKM website

Agency in Charge:

Ministry of Agriculture and Food Security

Application Deadline:

Available throughout the year

Target Group:

Entrepreneurs of Small and Medium Enterprises (SMEs) engaged in food and non-food/agricultural products with an annual gross sales value ranging from RM300,000 to RM5 million.

Form of Aid:

Matching grant with a ratio of 50% (Government): 50% (Entrepreneur) with a maximum government assistance rate of RM200,000.

Related Info:

KPKM official website

Program Geran Padanan Change Upgrade Product (CUP)

Program geran padanan change upgrade product

Source: Facebook

Agency in Charge:

Ministry of Agriculture and Food Security

Application Deadline:

Available throughout the year

Target Group:

Micro-entrepreneurs involved in food and non-food/agricultural products with an annual gross sales value of less than RM300,000.

Form of Aid:

Matching grant with a ratio of 70% (Government)30% (Entrepreneur) with a maximum government assistance rate of RM60,000.

Related Info:

KPKM official website

Program Rezeki Tani

Program Rezeki Tani geran

Source: KPKM website

Agency in Charge:

Ministry of Agriculture and Food Security

Application Deadline:

Available throughout the year

Target Group:

  • Malaysian citizens aged between 18 and 60 years
  • Household income does not exceed RM2,650
  • Interested, experienced, skilled, or currently engaged in agricultural:
    • production
    • processing
    • distribution
    • marketing activities related to farming, livestock, and fisheries

Form of Aid:

Assistance through in-kind grants and training based on the participant’s project needs, with a maximum value of RM10,000.

Related Info:

KPKM official website

The SME grant listed below are designed for sectors related to environmental issues.

Low Carbon Transition Facility (LCTF)

Low Carbon Transition Facility details

Source: Facebook

Agency in Charge:

Bank Negara Malaysia (BNM)

Application Deadline:

3 February 2022 until full utilisation (total RM 2 billion)

Target Group:

SMEs in all sectors who hope to adopt sustainable and low carbon practices.

Form of Aid:

Facility

Relevant details:

  • Financing Amount: Up to RM 10 million
  • Financing Period: Up to 10 years
  • Financing Rate: Up to 5%

Related Info:

The SME grants provided below specifically cater to sectors involved in Research & Development (R&D).

National Technology & Innovation Sandbox (NTIS)

NTIS grant infographic

Source: NTIS website

Agency in Charge:

Malaysian Technology Development Corporation (MTDC)

Application Deadline:

Available throughout the year

Target Group:

All Malaysian companies (exclude sole proprietorships) that hope to test their products, services, business models and delivery mechanisms in a live environment.

Form of Aid:

Grant and Convertible Promissory Notes

  • Sandbox Fund 1 (Single Site Sandbox): 100% grant for all eligible costs*.
  • Sandbox Fund 2 (Multiple Site Sandbox): 70% grant of all eligible costs* according to the determined maximum quantum
  • Sandbox Fund 3 (Commercialisation Sandbox): 70% funding (In the form of grant and Convertible Promissory Notes) of all eligible costs* according to the determined maximum quantum.
  • Sandbox Fund 4 (Corporate Sandbox): The funding mechanism will be mutually decided between MTDC and the corporate investor/entity.

The quantum of funding is between RM250,000 and RM5 million depending on the funding schemes.

Related Info:

RiSE4WRD

Rise4WRD grant details

Source: L & Co Facebook

Agency in Charge:

Human Resources Development Corporation (HRD CORP)

Application Deadline:

Available throughout the year

Target Group:

SMEs from the manufacturing and related sectors that:

  • Have participated in the Industry4WRD Readiness Assessment
  • Want to identify suitable training programmes as recommended in the Industry4WRD Readiness Assessment report to start or accelerate their digital transformation journeys.

Form of Aid:

Fund

  • The company/employer will be given a training fund of a maximum allocation of RM25,000 and not exceeding RM5,000 for each trainee.
  • Training fund will be distributed at a 7:3 ratio (Some websites mentioned this but couldn’t find it on the official website of HRD CORP)
  • 💰30%: Once the application is successful and the training provider is determined
  • 💰70%: Only eligible for whom complete the training with at least 80% attendance rate
  • Funding for training courses in the following areas: Connectivity, automation, cyber security, Internet of Things (IoT), cloud computing, big data, advanced simulation, autonomous systems, universal integration, augmented reality and additive manufacturing or any relevant technology

Related Info:

General Grants for SMEs

These grants cater to a wide range of businesses, fostering growth and development.

Business Recapitalisation Facility (BRF)

Business Recapatilisation Facility grant details

Source: Facebook

Agency in Charge:

Bank Negara Malaysia (BNM)

Application Deadline:

3 February 2022 until full utilisation (total RM 1 billion)

Target Group:

Viable Malaysian-owned SMEs including micro enterprises from all economic sectors including existing beneficiaries of BNM funds who wish to undertake capital expenditure

Form of Aid:

Facility

  • Equity financing through issuance of preference shares, common shares, or any suitable equity-like instruments; or
  • A mix of debt financing from participating financial institutions (PFIs) and equity financing through third party equity financiers (blended finance).

Relevant details:

  • Financing Amount: Up to RM 5 million
  • Financing Period: Up to 10 years
  • Financing Rate: Up to 3.5% – 5%

Related Info:

SME Revitalisation Financing (SMERF)

SME Revitalisation Financing details

Source: MIDF website

Agency in Charge:

Malaysian Industrial Development Finance (MIDF)

Application Deadline:

Available throughout the year

Target Group:

Viable SMEs as well as companies in underserved sectors that are constrained by financial difficulties.

(Eligible Items: Machinery & Equipment, IT Hardware & Software, Commercial Vehicles, Working Capital)

Form of Aid:

Funding

Financing details:

  • Financing amount: Up to RM250,000 / 90% of total costs of eligible items
  • Financing rate: 3% p.a.
  • Financing tenure: up to 7 years

Related Info:

Service Export Fund (SEF)

This fund is designed to empower SMEs aiming to tap into the international market.

service export fund details

Source: X (Twitter)

Agency in Charge:

Malaysia External Trade Development Corporation (MATRADE), a national trade promotion agency under the Ministry of Investment, Trade and Industry (MITI)

Application Deadline:

Available throughout the year from 2021 to 2025

Target Group:

  • All service sectors, except tourism, real estate, banking and insurance services.
  • Malaysian Service Providers (MSPs)
  • Trade and Industry Associations, Chambers of Commerce, and Professional Bodies
  • Government Link Company (GLC)/ Government Link Investment Company (GLIC)
  • Co-operatives to undertake export-related activities in international markets

That hope to undertake activities to expand and venture into the international market.

Form of Aid:

Reimbursable grants of a maximum of RM 4.3 million per business entity

Related Info:

Partner with a Malaysia’s Leading Full-Fledged Digital Solution Agency

In the dynamic landscape of SMEs, VeecoTech stands as your dedicated ally, providing a comprehensive digital solutions crafted to elevate your business.

Over a decade, we’ve empowered 500+ government projects, MNCs, SMEs, etc., merging technological prowess with a deep understanding of your unique needs.

Choosing VeecoTech as your digital solutions provider

We bring unparalleled expertise in:

At VeecoTech, it’s not about what we offer; it’s about unlocking your business potential. Our focus is on your unique goals, ensuring that every solution aligns with your vision and accelerates your journey towards success.

Join the league of SMEs success stories that VeecoTech has nurtured over the years!

Ready to transform your business? Reach out to us and experience a partnership that goes beyond services! 😊

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About the Author

Meet VeecoTech Team sharing cutting-edge insights on web design, ecommerce, SEO, and mobile apps. We’re passionate about empowering businesses with digital success. Join us on this exciting journey towards online excellence.

2024-02-20T10:46:25+08:00January 24th, 2024|Grants, Mobile Apps, Software development|

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