KUSKOP Expands Efforts To Strengthen SME Business Management And Growth
GEORGE TOWN: Ministry of Entrepreneur Development and Cooperatives is intensifying efforts to help micro, small and medium enterprises (MSMEs) improve their business management capabilities so they can better benefit from various government financing facilities and support policies.
Its minister, Steven Sim Chee Keong said the initiatives are being carried out through agencies under the ministry, including TEKUN Nasional and Amanah Ikhtiar Malaysia, as well as entrepreneur development programmes such as the “Power Up 10K” initiative.
According to him, the ministry’s focus extends beyond financing assistance and also includes capacity-building programmes involving training, business management knowledge and entrepreneurial skill enhancement.
“We want entrepreneurs not only to receive financing but also to understand how to manage and properly register their businesses,” he said after chairing the National Hawkers and Small Traders Consultative Council (M3PK) meeting here today.
He said the ministry plans to allocate around RM100 million for capacity-building programmes expected to benefit at least 100,000 entrepreneurs nationwide.
According to Steven Sim Chee Keong, the “Power Up 10K” initiative is also aimed at improving business resilience and competitiveness through a combination of training, mentoring and financial support.
Earlier, Prime Minister Anwar Ibrahim instructed relevant ministries to conduct engagement sessions with hawkers and small traders to identify the reasons behind the low participation rate in formal financial assistance programmes.
Communications Minister Fahmi Fadzil previously said the directive followed findings by Khazanah Research Institute showing that only a small percentage of hawkers had received financial assistance from institutions such as BSN, TEKUN Nasional and AIM.
In a related development, Steven Sim Chee Keong said he had also met representatives from the commercial banking sector to discuss new financing products tailored for MSMEs.
He said banking institutions are expected to announce several specialised products aimed at supporting small and medium enterprises within the next few weeks.
According to him, as of April this year, the ministry had approved nearly RM4 billion in financing for approximately 154,000 MSMEs nationwide.
The government is now targeting financing disbursements of up to RM15 billion to further strengthen the sector’s growth.
-wilayah.com.my
