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.
Minister Steven Sim Chee Keong said the figure was among the reasons KUSKOP had proposed larger allocations for the micro, small and medium enterprises (MSMEs) and cooperative sectors under Budget 2027.
He said the RM10 billion formed part of the RM15 billion target for the MSME and cooperative sectors this year, with RM760 million channelled in Penang during the first eight months, benefiting about 6,000 entrepreneurs.
Speaking to reporters after the 2026 Hebatkan Perniagaan Malaysia (HPM) Carnival in Penang at Batu Kawan Stadium today, Sim said financing support for MSMEs had been increased to RM60 billion this year from RM50 billion previously.
KUSKOP has also proposed measures to reduce the cost of doing business and improve government delivery, including simplifying processes, shortening processing times and reducing related fees.
Sim said delays in securing licences, permits or financing could result in entrepreneurs losing business opportunities.
He said 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.
He said KUSKOP’s proposals to the Ministry of Finance centred on three areas — increased funding for MSMEs and cooperatives, lower business costs and more efficient government delivery.
