Budget 2024: RM2.4 billion allocated for small business loans

SHAH ALAM - Micro-entrepreneurs and small traders will have access to small loans totalling RM2.4 billion through agencies like Bank Negara Malaysia (BNM), Bank Simpanan Nasional (BSN) and Tekun (Tabung Ekonomi Kumpulan Usaha Niaga), Finance Minister Datuk Seri Anwar Ibrahim announced in tabling of Budget 2024 today.

He said BSN will channel RM1.4 billion for business capital, equipment, premises and marketing support for small traders and entrepreneurs.

Meanwhile, he said RM330 million via Tekun for financing small businesses such as batik and craft entrepreneurs, indigenous entrepreneurs as well as those in Sabah and Sarawak.

The Prime Minister also stated that a portion of RM30 million will be earmarked for supporting Indian community businesses.

Of the total, he added RM720 million is allocated to encourage women and youth in entrepreneurship.

The second Madani Budget tabled by Anwar has allocated RM393.8 billion, and anticipates GDP growth between 4 to 5 per cent despite the World Bank and the International Monetary Fund (IMF) project economic growth in Malaysia at a rate of 4.3 per cent.