PUTRAJAYA, Dec 18 — Entrepreneur Development and Cooperatives Minister Steven Sim Chee Keong today announced a six-month, interest-free loan moratorium for flood-affected businesses and a significant RM600 million boost in financing for micro, small, and medium enterprises (MSMEs).

Speaking after meeting the ministry’s top management, Sim said these decisions were part of a broader strategy to strengthen the domestic business ecosystem.

“To demonstrate Kuskop’s commitment, on this first day, I have made three decisions that will take effect immediately,” Sim said in his inaugural press conference, using the abbreviation of the ministry’s name in Malay.

The most immediate measure is a six-month moratorium on loan repayments for all MSMEs and cooperatives affected by floods nationwide. 

The interest-free pause will apply to loans from seven agencies under the ministry, including Tekun Nasional, SME Corp, Bank Rakyat, and SME Bank.

Sim also announced a major expansion of financing schemes for 2026. Bumiputera financing under Tekun will be increased from RM300 million to RM500 million. 

The scheme for Indian entrepreneurs (SPUMI) will be boosted from RM30 million to RM50 million, and a new RM50 million financing scheme for Chinese MSMEs will be launched in January.

The third immediate action is a directive to the ministry’s top management to review all processes and procedures to reduce costs and processing times for businesses, with the goal of creating a more “business-friendly environment.”

Sim, the former Human Resources Minister, outlined his new “ABCD Strategy” for the ministry, which focuses on Accelerating productivity, reducing Bureaucracy, improving Capital accessibility, and Developing market access.

The Bukit Mertajam MP was appointed to the role as part of the recent Cabinet reshuffle, replacing Datuk Ewon Benedick.