BARAKAT SCHEME: KUSKOP APPROVES RM2.5 MLN FOR PENANG MICRO-ENTREPRENEURS

GEORGE TOWN, March 4 (Bernama) -- The Ministry of Entrepreneur Development and Cooperatives (KUSKOP), through its agency TEKUN Nasional, has approved RM2.5 million for micro-entrepreneurs in Penang under the Skim Biaya Ramadan Perniagaan Rakyat (BARAKAT).

KUSKOP said in a statement today that the scheme is a financing initiative specifically designed to help small-scale traders capitalise on business opportunities during Ramadan and the festive season.

"To date, the fund distribution under the BARAKAT Scheme in Penang has shown positive and encouraging progress, with 357 applications received and total approvals nearly reaching RM2.5 million," the statement read.

bootstrap slideshow

The statement added that the Entrepreneur Development and Cooperatives Minister Steven Sim recently visited Uptown Bandar Perda, Bukit Mertajam, to engage with recipients and observe business developments in the area.

During the visit, Sim, the Bukit Mertajam MP, presented mock cheques to three traders as a symbolic gesture of the disbursement of funds.

The minister gave his assurance that KUSKOP and TEKUN Nasional would ensure that bureaucratic processes are minimised and that fund distribution is expedited so that recipients can benefit from business opportunities during the upcoming month of Ramadan and Syawal.

KUSKOP said among the recipients was Mohd Rahim Ibrahim, who has operated a denim clothing business for 11 years. He received RM30,000 in financing to bolster his stock for the festive season.

Another recipient, Mohamad Afif Mohamad Salim, who has been running a clothing business for six years, also received RM30,000 to increase his apparel stock to meet the rising demand during Ramadan.

Under the BARAKAT Scheme, financing of up to RM30,000 is offered at a profit rate of three per cent per annum with a repayment period of up to 12 months. While applicants are exempted from savings requirements, Social Security Organisation (Socso) contributions are mandatory.

KUSKOP urged interested traders to seize the opportunity and apply before March 15, 2026. The scheme is open to Bumiputera and Malaysian citizens aged between 18 and 65.

-- BERNAMA