KUSKOP Disburses RM6.45 Bln To 612,692 Entrepreneurs By Sept 2024

KUALA LUMPUR, Nov 24 (Bernama) -- The Ministry of Entrepreneur and Cooperatives Development (KUSKOP) has successfully assisted 612,692 entrepreneurs with financing worth RM6.45 billion from January to September 2024.

Its minister, Datuk Ewon Benedick, said the beneficiaries included micro, small and medium enterprises (MSMEs), cooperatives, social enterprises, informal entrepreneurs, hawkers, and small traders nationwide. 

These entrepreneurs benefited from 206 programmes implemented by the ministry and its agencies.  

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“The support encompasses financing, capacity building, digitalisation and automation adaptation, market access expansion, and fostering entrepreneurship,” Ewon said in a statement issued in conjunction with the MADANI Government’s Two-Year Programme (2TM) and the National Convention on Public Service Reform 2024.  

Ewon noted that during the two years of the MADANI Government's administration, KUSKOP has launched numerous initiatives addressing policy formulation, governance and regulation, capacity building, access to financing, market expansion, technology adaptation, and service delivery enhancement.  

“These efforts aim to establish a conducive ecosystem to accelerate growth and stability in the entrepreneurial sector, enhance the scale and competitiveness of entrepreneurs and cooperatives, and create a more facilitative and effective service delivery system,” he added.  

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The ministry has developed several key policies, guidelines, and action plans, including the MSME Strategic Plan 2030, the Malaysia Cooperative Policy 2030, and the National Hawkers and Small Traders Development Policy 2030. 

Additionally, it introduced updated guidelines and plans, such as the SDSI Programme Implementation Guidelines Version 2.0, Home Business Regulatory Guidelines, Development Plan for Hawkers and Small Traders 2023-2027, Formalisation Plan for Informal Entrepreneurs, and the Cooperative Digitalisation Action Plan 2030.  

Ewon highlighted the introduction of new programmes this year, such as the Village Guest (Tamu Desa) Premises Development Programme, aimed at improving infrastructure for small traders in rural areas, particularly in Sabah and Sarawak.  

“This year, 92 Tamu Desa sites were newly built or upgraded, with RM19 million allocated for Sabah and Sarawak,” he said.  

In financing initiatives, KUSKOP channelled RM6.45 billion to 265,325 entrepreneurs between January and September through MSMEs financing schemes provided by agencies such as Tekun Nasional, Amanah Ikhtiar Malaysia, Bank Rakyat, SME Bank, SME Corp, and the National Corporation Bhd.  

Ewon further reported that the Malaysian Cooperative Commission’s MADANI Sale of Cooperatives and Entrepreneurs recorded RM8.54 million in sales, benefiting 254,568 users through 95 programmes held nationwide during the same period.  

On training and capacity-building efforts, the ministry guided and trained 8,308 entrepreneurs in business and financial management, as well as product marketing, through the National Entrepreneur Institute.  

KUSKOP also facilitated international trade missions for halal entrepreneurs, vendors, and franchise businesses to Japan, France, Germany and Saudi Arabia.  

“From January to September, 16 international trade missions involving 289 entrepreneurs recorded a total sales value and potential sales value of RM1.53 billion,” Ewon added.

-- BERNAMA