Malaysian Rating Corporation Berhad (MARC) has formed a strategic collaboration with Centre for EntrepreneurDevelopment and Research (CEDAR), a wholly-owned subsidiary of SME Bank Malaysia Berhad, to support entrepreneurs and SMEs in Malaysia.

MARC said in a statement on last Saturday that this collaboration aims to foster a thriving entrepreneurial ecosystem in Malaysia by combining MARC’s strengths in credit ratings, economic research, and data analytics with CEDAR’s expertise in business coaching and entrepreneur-focused mentoring.

Together, MARC and CEDAR aim to enhance the development of the small and medium-sized enterprise (SME) sector, which plays a vital role in driving Malaysia’s economic growth.

According to the statement, the primary goal of this joint venture is to promote sustainable entrepreneurship and support the growth of SMEs in Malaysia.

Its key initiatives include improving access to capital, offering tailored solutions and fostering business growth.

The joint venture is expected to enhance SMEs access to financial resources and credit to facilitate scaling and growth opportunities.

It will also develop a range of products and services that address the unique challenges faced by SMEs today.

It will also provide entrepreneurs with developmental resources to facilitate expansion, optimize operations, and enhance decision-making.

“Our collaboration with CEDAR underscores MARC’s commitment to supporting Malaysia’s SME sector,

“By working together, we aim to provide entrepreneurs with the essential resources and insights they need to thrive in a competitive business environment,” said Arshad Mohamed Ismail, Group Chief Executive Officer of MARC.

According to the statement, MARC is dedicated to contributing positively to the Malaysian economy through this collaboration.

It also noted this partnership will help empower businesses and strengthen the country’s overall economic landscape.

“This collaboration will significantly enhance the SME ecosystem by offering participating SMEs access to a comprehensive suite of developmental and intervention services, including coaching, facilitation, mentoring, advising, training, and consulting,

“These services are crucial in equipping SMEs with the skills and expertise needed to thrive in a competitive market,” said Mohammad Hardee Ibrahim, Relief Group President/Chief Executive Officer of SME Bank.

Since its inception in 2013, CEDAR has been instrumental in supporting and complementing SME Bank’s developmental mission, successfully training over 82,000 entrepreneurs.

The firm is confident that this partnership will play a vital role in driving the growth of SMEs nationwide, ultimately contributing to the broader economic development of the country.

Funding Societies has disbursed $64.22M in Islamic financing to MSMEs in Malaysia