Kuskop channels nearly RM10b to 270,000 entrepreneurs as of August, seeks bigger Budget 2027 allocation, says minister

BATU KAWAN, Sept 26 — Kuskop, the Ministry of Entrepreneur and Cooperatives Development, has funneled approximately RM10 billion through various support and financing programs under the 'Power Up 10K' initiative to around 270,000 entrepreneurs across the nation as of the end of August. The Minister of Entrepreneur and Cooperatives Development, Steven Sim Chee Keong, revealed that this accomplishment prompted Kuskop to request increased funding for micro, small, and medium enterprises (MSMEs) and cooperative sectors in Budget 2027.

"The RM10 billion represents part of the RM15 billion objective to be allocated to the MSME and cooperative sectors this year," he stated. In Penang alone, RM760 million was allocated to 6,000 entrepreneurs during the first eight months. Sim emphasized that Malaysia should prioritize supporting domestic businesses before exploring overseas markets, stating, "If Malaysians want to do business in Malaysia but lack opportunities, let us not first discuss foreign markets."

He noted that financing support for the MSME sector had risen to RM60 billion this year, up from RM50 billion previously. The minister proposed reducing the cost of doing business and enhancing government delivery efficiency to aid MSME expansion, which includes simplifying government processes, shortening processing times, and lowering related fees and charges.

Sim advised that delays in obtaining licenses, permits, or financing could prevent entrepreneurs from seizing business opportunities. He added that Kuskop, via Tekun Nasional, had shortened the financing application period to seven days from 30 to 40 days initially, with financing below RM20,000 requiring approval within 24 hours.

The key points Sim conveyed to the Ministry of Finance are: first, increased funding for MSME and cooperative sectors; second, reduced business costs; and third, enhanced government delivery efficiency.