According to World Bank Group, “SMEs representing around 90% of all businesses and accounting for more than half of global employment. In developing countries like Malaysia, our SMEs are central to economic diversification, productivity, and poverty reduction. Yet, they face persistent challenges in obtaining the financing needed to start, sustain, and grow. Beyond income, access to finance unlocks opportunity. It enables entrepreneurs to innovate, expand, and hire, empowering women & youth, and strengthening communities. Women tend to reinvest much of their earnings into their families & local economies, creating a powerful multiplier effect. Supporting SMEs, especially women owned & youth-led SMEs is thus central to building inclusive & sustainable growth.” (https://www.worldbank.org>SMEs-Finance<)
As World Union of Small and Medium Enterprises (WUSME) Ambassador in Malaysia, I understand our SMEs face critical operational pressures. The raising business costs-driven by mandatory e-invoicing compliance, minimum wage shifts, licensing fees, and utility adjustments. To counter these pressures, MADANI Government has rolled out several targeted grants, relief funds, financing frameworks managed by agencies like SME Corp Malaysia & Bank Negara Malaysia (BNM). So, in conjunction with our Prime Minister and Finance Minister Datuk Seri Anwar Ibrahim, tabling the Budget 2027, further urgent interventions are vital to help small business survival and scaling in adapting rapidly to shifting market demands, localized consumer needs & supply chain disruptions.
I urge the government should help small businesses access to credit markets, and break into export markets, where they face barriers. Policies should nurture the survival of businesses because the companies that start out small, like KIMIDU Cafe at Aura Residence Putrajaya that started out small to grow older and bigger are the ones that really add the most net employment in the long run. Otherwise, I have seen most SMEs tend to start small and stay small for almost their whole existence. It turns out most of those businesses either failed or didn't grow as transformative enterprises.
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Zulkifly Baharom (hajizul50@gmail.com) is a content creator under the Newswav Creator programme, where you get to express yourself, be a citizen journalist, and at the same time monetize your content & reach millions of users on Newswav. Log in to creator.newswav.com and become a Newswav Creator now!
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