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 are given to purchase newer and better machinery to improve production capacity and meet the needs of customers.
“With the funds available, entrepreneurs only need to come up with 50 per cent of the total cost to purchase equipment and other business necessities,” he told Bernama today.
Muhammad Ibrahim said SME Corp Terengganu is constantly monitoring the development of SMEs in the state especially through the SME Competitive Rating for Enhancement (SCORE) system.
“SME Corp and our strategic partners will be able to determine if a company, which has been granted 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 Malaysia External Trade Development Corporation and Malaysian Investment Development Authority, for further exposure and opportunities to venture into the ASEAN market,” he added.