Kuala lumpur: The Bumiputera financing fund under the National Entrepreneurial Group Economic Fund (Tekun) will be increased to RM500 million in 2026, from RM300 million this year, said Entrepreneur and Cooperative Development Minister Steven Sim. He stated that the increase is aimed at empowering micro, small, and medium enterprises (PMKS) and cooperatives across all communities.
According to BERNAMA News Agency, financing for Indian entrepreneurs under the Indian Community Entrepreneur Financing Scheme (SPUMI) will be raised from RM30 million to RM50 million in 2026. Additionally, a new RM50 million financing scheme for PMKS within the Chinese community will be launched in January 2026. Sim made these announcements at a press conference following a briefing by the top management of the Ministry of Entrepreneur and Cooperative Development (KUSKOP) on his first day leading the ministry.
Sim also announced a six-month interest-free moratorium for PMKS and cooperatives affected by floods, covering loans from seven agencies under KUSKOP. These agencies include the Cooperatives Commission of Malaysia, SME Corp Malaysia, TEKUN Nasional, Bank Rakyat, SME Bank, Perbadanan Nasional Berhad, and Amanah Ikhtiar Malaysia.
Sim arrived at the KUSKOP building at about 9.10 am for a symbolic 'clocking-in' ceremony before holding his first meeting with senior officials. He was welcomed by the newly appointed Deputy Minister, Datuk Mohamad Alamin, and KUSKOP Secretary-General Datuk Seri Khairul Dzaimee Daud.
Meanwhile, Sim highlighted that KUSKOP has been entrusted with an important mandate by Prime Minister Datuk Seri Anwar Ibrahim to drive economic growth by empowering small and medium enterprises and strengthening the cooperative movement. He outlined a strategy focusing on an ABCD approach - accelerating productivity, reducing bureaucracy, improving access to capital, and developing market access.
In a separate development, Sim remarked that his change of portfolio in the Cabinet should not be seen as a demotion but as an opportunity to further strengthen the country's entrepreneurial and cooperative sectors. He emphasized that the main priority is making Malaysian businesses great.
Last Tuesday, Prime Minister Datuk Seri Anwar Ibrahim announced a Cabinet reshuffle under the MADANI Government involving 28 ministers and deputy ministers, along with portfolio changes and new appointments, to enhance administrative efficiency and ensure more effective policy implementation. Anwar also announced the appointment of six deputy ministers and several portfolio adjustments. Sim was previously the Minister of Human Resources, while Mohamad was the Deputy Foreign Minister.