RM205m lifeline for MSMEs as Putrajaya unveils new business support initiatives
JOHOR BAHRU, June 7 — The Ministry of Entrepreneur and Cooperatives Development (Kuskop), through SME Corp Malaysia, has launched an industry and business support programme (Sinar) to assist micro, small, and medium enterprises (MSMEs).
Its minister, Steven Sim Chee Keong, said the Sinar programme offers financial assistance totalling RM205 million through four new initiatives for MSMEs nationwide to help expand their businesses.
“In the face of global economic uncertainty, the government cannot allow MSMEs to confront these challenges alone. Through Sinar, we aim to ensure that entrepreneurs have access to the financing and support they need to survive, grow, and create employment opportunities,” he added.
He was speaking to reporters at the closing ceremony of the Empowering Malaysian Businesses Carnival at the Angsana Johor Bahru Mall today. Also present were Deputy Minister of Entrepreneur and Cooperatives Development, Datuk Mohamad Alamin, and Kuskop Secretary-General, Datuk Seri Khairul Dzaimee Daud.
Elaborating further, he said Sinar is a new Kuskop programme implemented through SME Corp Malaysia, encompassing five new initiatives involving financial assistance.
According to him, three financing programmes are being offered with funding of up to RM5 million at profit or interest rates ranging from 3 per cent to 5 per cent per annum through collaborations with Malaysian Industrial Development Finance Bhd (MIDF), microLEAP PLT, and Funding Societies.
“In addition to financing, the Inclusive Business Scaling Programme is a capacity-building initiative that provides grants of up to 90 per cent for SMEs. This is aimed at integrating inclusive communities into their supply chains and helping micro-enterprises develop relevant skills to transform their businesses to a higher level,” he said.
To facilitate access to these initiatives, he added that MSMEs applying for financing only need to obtain MSME Status, an official certification confirming that a business meets the MSME definition.
A 50 per cent discount on MSME Status applications is being offered from this month until Aug 31.
