Bukit Mertajam:The Ministry of Entrepreneur and Cooperatives Development (KUSKOP) is set to enhance its support for micro, small, and medium enterprises (MSMEs) next year through financing facilities and initiatives laid out in Budget 2027.

According to BERNAMA News Agency, Entrepreneur and Cooperatives Development Minister Steven Sim announced an increase in loan facilities and financing guarantees for MSMEs from RM50 billion to RM57 billion for the upcoming year. This, he noted, is the largest allocation in history, aimed at boosting MSMEs with increased funding, reduced business costs, and improved government efficiency.

Sim highlighted that KUSKOP will continue its efforts to empower Malaysian businesses by utilizing these resources. He made these remarks during the 'MADANI Kita Bersama Komuniti Berapit' event in Bukit Mertajam, which was attended by notable figures including Berapit state assemblyman Heng Lee Lee and other government officials.

Additionally, Sim mentioned that Bank Negara Malaysia will provide an extra RM5 billion for the MSMEs stabilization fund. Financing guarantee funds will also be available, totaling RM32 billion through Syarikat Jaminan Pembiayaan Perniagaan Berhad (SJPP) and Credit Guarantee Corporation Malaysia Berhad (CGC).

The MSME income tax rate will be reduced by up to two percentage points, alleviating some financial pressures on businesses. Sim expressed gratitude to Prime Minister Datuk Seri Anwar Ibrahim for presenting what he called an 'MSME Budget.'

During the 2027 Budget announcement in the Dewan Rakyat, Prime Minister Anwar confirmed the increase in loan facilities and a one percentage point reduction in the MSME income tax rate.

In a related development, Sim, who also serves as the Member of Parliament for Bukit Mertajam, distributed special aid of RM100,000 from the Prime Minister for the repair and upgrading of local community facilities.