The primary purpose of this grant is to help transform traditional businesses with digital technology, so new businesses are ineligible. Applicants must meet the specified criteria:
- Registered under the applicable Laws of Malaysia
- 60% owned by Malaysians
- Has been in operation for at least one (1) year
- Minimum annual sales return rate of RM50,000.00 for the first year
- For SMEs operation more than 2 years, required minimum annual sales turnover RM50,000.00 for the preceding 2 consecutive years.
Application Workflow:
Step 1 – SME to contact and appoint TSP for digitalisation service
Step 2 – SME to complete and submit application form along with required documents to Bank Simpanan Nasional (BSN).
Step 3 – BSN process application
Step 4 – SME performs payment to the TSP and payment receipt to BSN (Estimated 14 Working Days)
Step 5 – BSN disburses remaining amount to TSP’s account (Estimated 5 Working Days)
What documents are required to apply?
- A copy of the Digitalization initiative application form
- A copy of the identity card or passport of a director or partner of the company, as applicable.
- A copy of the business registration license (CCM, Form A/B, Form 24 & 49, and M&A or similar form under the Companies Act 2016)
- Audited financial statements for the last financial year and the latest management account (if any) or evidences of sales turnover (if any)
- A copy of the company’s bank statement for the previous 2 months.
- Invoices and service agreements from the list of approved dealers under MDEC.
- Additional documents that may be requested by the bank (if any).
What is the SME Digitalisation Grant application process?
- To undertake any of the offered digitization services, the SME must contact and hire one or more panel of Service Providers (max 3 panel).
- The SME must fill up the application form and send it to any of the Bank’s branches, along with the relevant supporting papers.
- Once the SME’s application is approved, the SME is responsible for paying the difference between the total invoice and the subsidised amount given by the initiative, as well as providing evidence of payment to any of the Bank’s branches.
- Following evidence of payment of the complete invoice amount or up to RM5,000.00 to the Service Provider in one lump sum payment or in phases at the discretion of the Bank.
For more information about sme grant malaysia, please visit https://www.nuweb.com.my/sme-matching-grant/
