SME Digitalisation Grant
SME Digitalisation Grant is a Budget 2020 initiative to encourage SMEs to acknowledge digitalization in their business operations. Through this initiative, the government will invest each company with a 50% matching grant, up to RM5,000 for the subscription of approved digital services. The grant worth RM500 million over 5 years is limited to the first 100,000 SMEs.
The grant details are as follows:
This matching grant is fixed to one (1) application per SME only, however, SMEs are allowed to apply up to three (3) digital services with one (1) or more service providers that are authorized by MDEC (“Service Provider”).
This grant facility is provided by the Government for five (5) years commencing from 17th February 2020 or upon reaching 100,000 applications, whichever comes first.
No fees are assessed.
There are seven (7) areas of Digitalisation services available as follows:
- Electronic Point of Sales (e-POS) System
- Human Resource Payroll System (HR) / Customer Relationship Management (CRM)
- Digital Marketing / Sales
- Enterprise Resource Planning (ERP) / Accounting & Tax
- Remote Working
Eligibility to get the SME grant
SMEs that fulfill the following criteria are eligible and encouraged to apply for the grant
- The SME must be at least 60% owned by Malaysians;
- The SME must be registered under the relevant laws of Malaysia and classified as SME;
- The SMEs have been in operation for at least one (1) year;
- For the SMEs which has been in operation for one (1) year, the SME is required to have an annual minimum sales turnover of RM100,000.00 for the first year;
- For the SMEs which have been in operation for two (2) years or more, the SME is required to have a minimum sales turnover of RM50,000.00 for the foregoing two (2) consecutive years.
How to Apply
- The SME must contact and appoint one or more panels of Service Providers listed by MDEC to perform any of the digitalization services available (maximum of 3 digital services).
- The SME must complete and submit the application form along with the required documents to the Service Provider.
- The Service Provider is to submit the application form jointly with the supporting documents to the Bank.
- Once the SME’s application is approved, subject to the total invoice amount, the SME is responsible to pay the difference of the total invoice after discounting the subsidized amount granted from the Initiative for each digitalization service to the Service Provider.
- The Bank will then make a direct 50% payment of the total invoice amount or up to RM5,000.00 to the Service Provider in one lump sum payment or images based on the Bank’s constraint.
- Completed SME Digitalisation Initiative Application Form.
- A copy of the Identification Card or Passport of Director (s) / Partner (s) / Proprietor(s) of the SME / applicant appointed by the Coop, whichever is acceptable.
- A copy of the SME’s business registration licenses (CCM or any similar forms under the Companies Act 2016). For Coop, a copy of the SKM registration certificate.
- Latest audited financial statements or latest financial management account statement or the bank statement for the last two (2) months;
- Quotation/invoice for the selected initialization services from the Service Provider listed by MDEC; and
- Any other information and documents as and when asked by the bank.
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