THE Entrepreneur Development and Cooperatives Ministry (KUSKOP) is on track to achieve its RM15 billion financing target under the PowerUp 10K initiative this year, with RM4 billion already channelled as of April to support micro, small and medium enterprises (MSMEs), says its minister Steven Sim Chee Keong.
Sim said the amount reflects encouraging progress under the initiative, which aims to strengthen the MSME sector through improved access to financing and entrepreneurial empowerment.
“We have set a KPI of RM15 billion under the PowerUp 10K initiative this year, and by April alone, RM4 billion has already been channelled.
“This demonstrates that our financing agencies are actively reaching out to entrepreneurs and ensuring that assistance reaches those who need it most,” he said after officiating the Jualan MADANI programme and community family carnival in Sungai Pinang.
The event, organised in collaboration with the Penang state government, featured the sale of various essential goods at discounted prices, alongside health screening services and booths by several government agencies.
Sim said the programme received an overwhelming response from the public, with nearly 800 chickens sold out after discounts were increased from 20% to 30% during a special “happy hour” promotion.
He said the ministry had also deployed several financing and support agencies directly to the ground, including TEKUN Nasional, Amanah Ikhtiar Malaysia, SME Bank and Bank Rakyat, to provide advisory services and facilitate financing applications for small businesses.
“In line with our call for microcredit agencies to turun padang, we do not wait for entrepreneurs to come to our offices.
“We go directly to small traders and business owners to provide advice, and for those with complete documentation, applications can be processed on the spot,” he said.
Sim explained that repayment terms vary according to financing schemes, ranging from six months to as long as 10 years, depending on the borrower’s needs and business model.
He said a dedicated online portal is also being developed to enable the public to monitor the initiative’s progress, including disbursement figures by participating agencies.
Sim stressed that PowerUp 10K is not solely about financial assistance but also focuses on equipping entrepreneurs with stronger financial management and business skills.
“It is not just about giving out funds. The initiative is also about empowering entrepreneurs with the knowledge and tools to sustain and grow their businesses,” he said.
He added that the ministry remains committed to assisting businesses affected by cash flow constraints, supply chain disruptions and natural disasters through measures such as moratoriums and repayment restructuring.
Sim also noted improvements in non-performing loan (NPL) performance over the past one to two years, with fewer borrowers defaulting on repayments.
Earlier, Penang Social Development, Welfare and Non-Islamic Religious Affairs Committee chairman Lim Siew Khim said community empowerment goes beyond financial assistance, stressing that public health awareness, active ageing and stronger family values are equally vital in building a resilient society.
She said outreach initiatives help the people better understand available assistance while encouraging healthier lifestyles and closer family ties.
“Active ageing is not just a slogan but a way of life that we must encourage in our communities, while strong family relationships remain the foundation of a harmonious and stable society,” she said.
The Sungai Pinang assemblyman also commended healthcare professionals, organisers and volunteers for their efforts in making the programme a success.
Also present were Komtar assemblyman Teh Lai Heng, Sungai Puyu assemblyman Phee Syn Tze, and Penang Island City Council (MBPP) secretary Cheong Chee Hong.
Story by Edmund Lee
Pix by Siti Nuratikah Rahmat