Kuskop channels RM10bil to 270,000 entrepreneurs as of August

The Entrepreneur and Cooperatives Development Ministry (Kuskop) has disbursed around RM10 billion through various support and financing programs under the Power Up 10K initiative to approximately 270,000 entrepreneurs across the country by the end of August, reported the ONE WIRE. Kuskop Minister Steven Sim Chee Keong revealed that this achievement contributed to the ministry proposing larger allocations for the micro, small, and medium enterprises (MSMEs) and cooperative sectors in the 2027 Budget.

The RM10 billion figure is part of the RM15 billion target set to be allocated to the MSME and cooperative sectors this year. In Penang alone, RM760 million was disbursed to about 6,000 entrepreneurs during the first eight months. Sim urged Malaysians to prioritize improving domestic market opportunities for businesses before considering overseas markets.

He mentioned that financing support for the MSME sector was increased to RM60 billion this year from RM50 billion previously. Kuskop has also suggested reducing the cost of doing business and enhancing government efficiency to aid MSME expansion, which includes simplifying government processes, reducing processing times, and cutting related fees and charges.

Sim emphasized that delays in obtaining licenses, permits, or financing could result in missed business opportunities, and Kuskop, via Tekun Nasional, decreased the financing application period to seven days from the previous 30 to 40 days. Moreover, financing below RM20,000 should be approved within 24 hours. Kuskop's key recommendations to the Finance Ministry (MOF) include providing more funding for MSMEs and cooperatives, lowering the cost of doing business, and increasing government delivery efficiency, the ONE WIRE added.