Kuala lumpur: The Ministry of Entrepreneur and Cooperatives Development (KUSKOP) is committed to ensuring micro, small, and medium enterprise (MSME) entrepreneurs have faster and easier access to financing through various improvement measures. Its Minister Steven Sim Chee Keong stated that the government had allocated RM60 billion in financing this year to assist MSME entrepreneurs in expanding their businesses and enhancing their competitiveness, particularly at the international level.

According to BERNAMA News Agency, the increased allocation was the result of KUSKOP's efforts with the Ministry of Finance (MOF) to ensure more funds were made available to entrepreneurs, particularly amid global economic uncertainties. Sim emphasized the importance of readily available funds to enable entrepreneurs to access financing quickly and easily. He highlighted that entrepreneurs often struggle to find the necessary financial assistance when needed.

Sim also mentioned that KUSKOP is focusing on reducing bureaucracy in the financing application process. Financial institutions under the ministry, including SME Bank, have been urged to expedite the financing approval process for applications of RM1 million and below, aiming to complete the process within 14 days. He acknowledged the challenges of achieving this target but stressed its importance in making the financing process more efficient and entrepreneur-friendly.

In his speech, Sim announced an increase in financing under the Special Financing Programme for Chinese-Owned Micro Enterprises (BERKAT) from RM30,000 to RM100,000. Additionally, SME Corporation Malaysia (SME Corp) Chairman Datuk Teng Chang Khim highlighted the significance of MSMEs in Malaysia's economy, representing almost 97 percent of businesses in the country. He noted Kedah's potential in sectors such as agro-food, food processing, agricultural technology, manufacturing, and services, which could create opportunities for MSMEs to enhance their product value, competitiveness, and market reach.