Melaka: The Ministry of Entrepreneur Development and Cooperatives (KUSKOP) has approved nearly RM100 million in financing for more than 4,300 entrepreneurs in Melaka as of May 31, further strengthening the development of micro, small, and medium enterprises (MSMEs) in the state.
According to BERNAMA News Agency, the ministry stated that the financing reflects its continuous commitment to ensuring that more entrepreneurs have access to capital to expand their businesses and stimulate the local economy. Minister Steven Sim emphasized the importance of ongoing financial support for entrepreneurs to facilitate business growth and create employment opportunities.
Sim highlighted that the financing initiative supports Malaysian businesses, with growth benefits extending to business owners, employees, suppliers, and local communities. He remarked that the funds provided to entrepreneurs will continue to circulate within the national economy, emphasizing the ministry's goal to see more financing reach the market and bolster Malaysian businesses.
Sim is currently on a three-day working visit to Melaka, from June 19 to 21, in conjunction with the Hebatkan Perniagaan Malaysia Carnival (KHPM). This visit aims to engage with entrepreneurs and local traders, as well as to review the implementation of various initiatives under the ministry. One of the key events attended was a mega meet and greet session with TEKUN entrepreneurs at Malim Food Town, which gathered about 50 local entrepreneurs.
During the event, Sim presented nearly RM1 million in financing to 18 entrepreneurs through TEKUN Nasional and SME Corp Malaysia. The recipients represented various sectors, including food and beverages, wholesale, professional services, construction contracting, retail, online businesses, automotive, and other services. Sim and Melaka Entrepreneur Development, Cooperatives and Consumer Affairs Committee chairman Seah Soo Chin conducted a walkabout around Malim Food Town to engage with traders and visitors and observe local business activities.
The ministry also reported that it had approved RM5 billion in financing nationwide in the first five months of this year, benefiting nearly 180,000 entrepreneurs across the country. Through its PowerUp10K initiative, the ministry aims to channel RM15 billion in financing to MSMEs nationwide this year.
Sim noted Malaysia's diversity in race, language, and culture as a significant advantage in terms of talent and the economy. This diversity makes the country more attractive to investors while enabling local businesses to expand into wider markets.