KUSKOP To Continue Enhancing Efforts To Empower MSMEes Via Budget 2027 Initiatives -Sim
BUKIT MERTAJAM, Oct 10 (Bernama) -- The Ministry of Entrepreneur and Cooperatives Development (KUSKOP) will intensify efforts to strengthen micro, small, and medium enterprises (MSMEs) next year by leveraging financing facilities and various initiatives announced in Budget 2027.
Entrepreneur and Cooperatives Development Minister Steven Sim said the increase in loan facilities and financing guarantees for businesses including MSMEs from RM50 billion to RM57 billion next year provides greater support for the sector.
“This is the largest allocation in history to date, and we see various policies and programmes outlined by KUSKOP that will provide a boost to MSMEs such as increased funding, lower business costs, and enhanced government efficiency.
“We will continue KUSKOP’s efforts, utilising these resources and funds, to achieve our mission of empowering Malaysian businesses,” he told reporters after officiating the ‘MADANI Kita Bersama Komuniti Berapit’ in Bukit Mertajam at Taman Pearl Rukun Tetangga Centre here today.
Also present were Berapit state assemblyman Heng Lee Lee, deputy secretary-general (management) of the Ministry of National Unity Datuk Mohamad Azhan Md. Amir, and Penang Implementation Coordination Unit (ICU JPM) director Mohd Iqbal Mohd Noor.
Elaborating further, Sim noted that other initiatives supporting these efforts include an additional RM5 billion for the MSMEs stabilization fund provided by Bank Negara Malaysia (BNM), alongside financing guarantee funds totalling RM32 billion through Syarikat Jaminan Pembiayaan Perniagaan Berhad (SJPP) and Credit Guarantee Corporation Malaysia Berhad (CGC).
He said the reduction of the MSME income tax rate by up to two percentage points also helps alleviate the financial burden on businesses.
He also expressed his appreciation to Prime Minister Datuk Seri Anwar Ibrahim for the 2027 Budget tabled yesterday, which he described as an ‘MSME Budget’.
Yesterday, while tabling the 2027 Budget in the Dewan Rakyat, Anwar announced that the total amount of loan facilities and financing guarantees would be increased to RM57 billion from... RM50 billion for MSMEs for 2027, in addition to an agreement to lower the MSME income tax rate by one percentage point.
Earlier, Sim who is also the Member of Parliament for Bukit Mertajam handed over special aid amounting to RM100,000 from the Prime Minister, via the Penang Implementation Coordination Unit (ICU JPM), for the repair and upgrading of the Taman Pearl Rukun Tetangga Centre and Surau.
— BERNAMA