KOTA KINABALU: Perbadanan Nasional Bhd (PERNAS), operating under the Entrepreneur and Cooperatives Development Ministry (KUSKOP), has distributed RM461 million in financing to 2,283 franchise entrepreneurs across the nation since 2014. This substantial funding aims to bolster the growth and expansion of franchise businesses in Malaysia.
According to BERNAMA News Agency, Entrepreneur and Cooperatives Development Minister Datuk Ewon Benedick revealed that RM12.4 million of this total has been allocated to finance 68 franchise entrepreneurs in Sabah, facilitating their business expansion. The minister highlighted the rapid growth of the franchise industry, viewing it as a positive indicator for stimulating the domestic economy. There are currently 3,565 franchise entrepreneurs registered under the Malaysia Franchise Express 2.0 (MyFEX 2.0) system, encompassing both franchisors and franchisees.
The minister further explained that RM6 million has been set aside specifically for the Young Entrepreneurship Engagement Talent Programme (YOUNITY) and the Successful Women Entrepreneurship Engagement Talent Programme (SWEET) for this year. Additionally, RM3.5 million is allocated for the I-VIP programme, targeting veteran entrepreneurship initiatives and financing, while RM29 million is dedicated to franchise and pre-franchise financing.
Last year, the Sabah Entrepreneur Empowerment Programme (PUSH), conducted by KUSKOP in collaboration with Sabah’s Industrial Development and Entrepreneurship Ministry (MIDE), played a significant role in transforming 40 local businesses into franchises. The initiative has fostered the development of local franchise brands such as Sinar Suria, Nuvis, Fook Yuen Mok, and Happy Potato, contributing to the state’s economic growth.
Moreover, Ewon announced that PERNAS has provided RM500,000 in financing to Robert T 1994, a local eyewear brand in Borneo. This funding is intended to support the brand’s expansion across Sabah, with hopes of achieving rapid growth akin to other successful franchise entrepreneurs.
Ewon expressed his aspiration that this financing would inspire other entrepreneurs nationwide to engage in the entrepreneurship sector. He emphasized that KUSKOP and agencies like PERNAS will continue to offer services and financing opportunities to meet the needs of entrepreneurs, thereby contributing to the country’s economy and creating job opportunities for Malaysians.
PERNAS acting chief executive officer Tengku Mohamed Fadhli Tengku Hamzah, Robert T 1994 executive director Dr. Robert Tang, and managing director Hwang Chyi Chyi were also present at the event.