Kuala lumpur: The Ministry of Entrepreneur and Cooperatives Development (KUSKOP) is enhancing its efforts to assist petty traders and hawkers in improving their business management capabilities, enabling them to benefit from available policies and financing facilities. Entrepreneur and Cooperatives Development Minister Steven Sim emphasized the ministry's commitment to this cause, highlighting initiatives through agencies like TEKUN Nasional and Amanah Ikhtiar Malaysia (AIM), as well as the 'Power Up 10K' program, which focuses on both financing and capacity development.
According to BERNAMA News Agency, the strategy is designed not only to provide financial support but also to enhance the entrepreneurs' knowledge and skills, ensuring they can effectively register their businesses. Minister Sim reiterated the ministry's goal to allocate approximately RM100 million for capacity development, targeting around 100,000 entrepreneurs. This initiative aims to offer more than just financing by providing comprehensive training and guidance to aid in business scaling.
Prime Minister Datuk Seri Anwar Ibrahim recently instructed relevant ministries to engage with hawkers to identify issues affecting their low participation rate in formal financial assistance programs. Communications Minister Datuk Fahmi Fadzil reported that this directive followed a study by the Khazanah Research Institute, revealing that only five percent of hawkers benefited from institutions such as Bank Simpanan Nasional, TEKUN, and AIM.
Sim, also the Bukit Mertajam MP, outlined the objectives of the Power Up 10K campaign, which seeks to enhance business capacity and viability through structured training and financial support. Additionally, he noted upcoming announcements from the commercial banking sector regarding new products for SMEs, aiming to bolster the sector further.
As of April, the ministry has approved approximately RM4 billion in financing for 154,000 micro, small, and medium enterprises (MSMEs), reflecting significant progress towards the target of channeling up to RM15 billion into the sector.