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

BATU KAWAN, Sept 26 — The Ministry of Entrepreneur and Cooperatives Development (Kuskop) has channelled nearly RM10 billion through various support and financing programmes under the ‘Power Up 10K’ initiative to about 270,000 entrepreneurs nationwide as of the end of August.

Its minister Steven Sim Chee Keong said the achievement was among the reasons Kuskop had proposed to the Ministry of Finance (MOF) for larger allocations for the micro, small and medium enterprises (MSMEs) and cooperative sectors under Budget 2027.

“The RM10 billion is part of the RM15 billion target to be channelled to the MSME and cooperative sectors this year. In Penang alone, RM760 million was channelled in the first eight months, benefiting about 6,000 entrepreneurs.

“If Malaysians want to do business in Malaysia but do not have opportunities, let us not talk about overseas markets first. We must ensure Malaysian businesses, products and services can penetrate the domestic market before going abroad,” he told reporters after the 2026 “Hebatkan Perniagaan Malaysia” (HPM) Carnival, Penang edition, at Batu Kawan Stadium here today.

Sim noted that financing support for the MSME sector had been increased to RM60 billion this year from RM50 billion previously.

He said Kuskop had also proposed reducing the cost of doing business and improving government delivery efficiency to help MSMEs expand. Measures included simplifying government processes, shortening processing times and reducing related fees and charges.

“If we cannot control global oil prices, at least we can control local costs. Government processes must be made easier and processing times, fees and charges, including taxes where possible, should be reduced so that MSMEs can have some breathing space,” he said.

Sim advised that delays in obtaining licences, permits or financing could cause entrepreneurs to lose business opportunities. He added that Kuskop, through Tekun Nasional, had reduced the financing application period to seven days from 30 to 40 days previously, while financing below RM20,000 must be approved within 24 hours.

“The principles Kuskop has conveyed to MOF are, firstly, more funding for the MSME and cooperative sectors; secondly, a lower cost of doing business; and thirdly, greater government delivery efficiency,” he said. — Bernama