Table of Contents
16 Latest SME Grants for Malaysia’s Businesses (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.
1. NCER 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!
2. CIP Sprint
Source: Cradlefund Instagram
Agency in Charge:
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:
3. CIP Spark
Source: Cradlefund Instagram
Agency in Charge:
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:
Source: Cradlefund Instagram
4. MSME Digital Grant
Agency in Charge:
Malaysian Communications And Multimedia Commission (MCMC)
Application Deadline:
Available throughout the year.
Target Group:
MSMEs that hope to improve digitalisation applications in their daily business operations.
Form of Aid:
Matching grant of 50% or up to RM5,000 for eligible businesses.
There are seven digitalisation areas that can be selected by MSME as follows:
- Digital Marketing/Sales
- Digital Payment (Cashless)/Electronic Point of Sales (e-POS)
- HR Payroll System/Customer Relationship Management (“CRM”)
- Enterprise Resource Planning (“ERP”)/Accounting & Tax
- Digital Signature
- Cyber Security
- Internet of Things (“IoT”)/Intelligent System
Applicants who meet the criteria below are eligible and encouraged to apply:
- The company is at least 60% owned by Malaysians.
- The company is registered with either the Companies Commission of Malaysia (SSM), Local Authorities (PBT), or Malaysia Co-operative Societies Commission (SKM).
- The MSME has been in operation for at least 6 months.
- MSMEs which have been in operation are required to have a minimum annual sales turnover of RM50,000.
- MSMEs/Cooperatives must not have received previous Digitalisation Matching Grant.
VeecoTech is an MDEC authorised TSP/DP recognised for its team of industry experts and proven track record in website design, eCommerce development, and SEO services.
View our official MSME Digital Grant page for more information!
5. Market Development Grant (MDG)
Source: MATRADE HQ 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:
6. eTRADE Programme 2.0
Agency in Charge
Malaysia External Trade Development Corporation (MATRADE)
Application Deadline
Ends in 2025.
*Applicants are advised to apply in 2024 if they want to claim the incentives in 2025.
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]
Interested in the DMT scheme? VeecoTech is an MDEC authorised TSP/DP recognised for its team of industry experts and proven track record in website design, eCommerce development, and SEO services.
View our official eTRADE Programme 2.0 page 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.
7. Program Agropreneur Muda (PAM)
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)
- A 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:
8. Program Geran Padanan High Impact Product (HIP)
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:
9. Program Geran Padanan Change Upgrade Product (CUP)
Source: KPKM website
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:
10. Program Rezeki Tani
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:
Grants Related to Environmental Issues
The SME grant listed below are designed for sectors related to environmental issues.
11. Low Carbon Transition Facility (LCTF)
Source: BNM website
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:
Grants Related to Research and Development (R&D)
The SME grants provided below specifically cater to sectors involved in Research & Development (R&D).
12. National Technology & Innovation Sandbox (NTIS)
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:
13. RiSE4WRD
Source: HRD Corp website
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.
14. Business Recapitalisation Facility (BRF)
Source: BNM website
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:
15. SME Revitalisation Financing (SMERF)
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:
16. Service Export Fund (SEF)
This fund is designed to empower SMEs aiming to tap into the international market.
Source: MATRADE 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
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