BARAKAT, BERKAT ENSURE ENTREPRENEURS REMAIN RESILIENT - FAHMI ZAINOL

GEORGE TOWN, Feb 7 (Bernama) -- The special financing initiative totalling RM80 million to empower the entrepreneurial community is expected to help local entrepreneurs remain resilient, particularly amid rising living costs and business preparations for Ramadan and the Chinese New Year celebration.

Penang Agrotechnology and Food Security and Cooperative Development Committee chairman Fahmi Zainol said the announcement by Minister of Entrepreneur and Cooperative Development (KUSKOP) Steven Sim reflected a targeted approach and demonstrated the government’s continued commitment to building an inclusive and sustainable entrepreneurial ecosystem.

“At the state government level, various initiatives under the entrepreneur and people’s economic development portfolio have been implemented to empower small traders. These include entrepreneurship training programmes, digital marketing assistance, market access support, and the state microfinancing scheme.

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“In this regard, the implementation of the  People’s Business Ramadan Financing Scheme (BARAKAT) and the Special Financing Programme for Chinese-Owned Micro Enterprises (BERKAT) is expected to complement and strengthen the state government’s ongoing efforts to enhance the capacity of local entrepreneurs,” he said in a statement today.

Last Feb 5, Sim announced two special financing schemes totalling RM80 million to improve micro-entrepreneurs’ access to funding during the festive season.

The schemes comprise BARAKAT, amounting to RM50 million, implemented by TEKUN Nasional in conjunction with Ramadan and Aidilfitri, and BERKAT, totalling RM30 million, introduced by SME Corp Malaysia for the Chinese New Year.

Fahmi said strategic synergy between the federal and state governments is crucial to ensuring that entrepreneurs at all levels, regardless of background, have fair access to financing opportunities, guidance, and business development support.

He added that the state government remains committed to working closely with relevant ministries and agencies to uplift entrepreneurs, strengthen economic resilience, and safeguard the welfare of traders.

Meanwhile, he urged eligible entrepreneurs to fully seize this financing opportunity as a catalyst for business growth, higher income, and long-term sustainability.

-- BERNAMA