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THE Entrepreneur and Cooperatives Development Ministry is confident its annual allocation of RM15 billion would reach its intended targets of budding small and medium enterprises.
Under the PowerUp 10K scheme this year, Minister Steven Sim Chee Keong said that RM4 billion was channelled as of April to support micro, small and medium enterprises (MSMEs) to cope with the rising living costs, made worse by the Middle East conflict.
Sim said the amount reflects encouraging progress under the initiative, which aims to strengthen the MSME sector through improved access to financing and entrepreneurial empowerment.
“We have set a KPI of RM15 billion under the PowerUp 10K initiative this year, and by April alone, RM4 billion has already been channelled. This demonstrates that our financing agencies are actively reaching out to entrepreneurs and ensuring that assistance reaches those who need it most,” he said after officiating the MADANI sales carnival and community family carnival in Sungai Pinang here.
Sim also said that the ministry deployed several financing and support agencies directly to the ground, including TEKUN Nasional, Amanah Ikhtiar Malaysia, SME Bank and Bank Rakyat, to provide advice and facilitate financing applications for MSMEs.
"We want our microcredit agencies not to wait for entrepreneurs to come to our offices. We go directly to small traders and business owners to provide advice, and for those with complete documentation, applications can be processed on the spot,” he said.
The repayment terms vary according to financing schemes, ranging from six months to as long as 10 years, depending on the borrower’s needs and business model.
He said a dedicated online portal is also being developed to enable the public to monitor the initiative’s progress, including disbursement figures by participating agencies.
“It is not just about giving out funds. The initiative is also about empowering entrepreneurs with the knowledge and tools to sustain and grow their businesses,” he said.
Earlier, state executive councillor Lim Siew Khim said that community empowerment goes beyond financial assistance, stressing that public health awareness, active ageing and stronger family values are equally vital in building a resilient society.
She said outreach initiatives help people better understand available assistance while encouraging healthier lifestyles and closer family ties. - May 24, 2026.
