PUTRAJAYA: The Bumiputera financing fund under the National Entrepreneurial Group Economic Fund (Tekun) will be increased to RM500mil in 2026, from RM300 million this year, said Entrepreneur and Cooperative Development Minister Steven Sim.
He said the increase is aimed at empowering micro, small and medium enterprises (PMKS) and cooperatives across all communities.
"Financing for Indian entrepreneurs under the Indian Community Entrepreneur Financing Scheme (SPUMI) will be raised from RM30mil to RM50mil in 2026, while a new RM50mil financing scheme for PMKS within the Chinese community will be launched in January 2026,” he said.
Sim said this at a press conference following a briefing by the top management of the Ministry of Entrepreneur and Cooperative Development (Kuskop) on his first day leading the ministry here on Thursday (Dec 18).
He also announced that a six-month interest-free moratorium would be provided to PMKS and cooperatives affected by floods, covering loans from seven agencies under Kuskop.
These agencies are the Cooperatives Commission of Malaysia, SME Corp Malaysia, TEKUN Nasional, Bank Rakyat, SME Bank, Perbadanan Nasional Berhad and Amanah Ikhtiar Malaysia.
Sim arrived at the Kuskop building at about 9.10am for a symbolic "clocking-in” ceremony before holding his first meeting with senior officials. He was welcomed by its newly appointed Deputy Minister, Datuk Mohamad Alamin, and Kuskop Secretary-General Datuk Seri Khairul Dzaimee Daud.
Meanwhile, Sim said Kuskop has been entrusted with an important mandate by Prime Minister Datuk Seri Anwar Ibrahim to drive economic growth by empowering small and medium enterprises and strengthening the cooperative movement.
"Today, I outlined a strategy to focus Kuskop’s efforts on fulfilling this mandate by steering Malaysia’s business growth based on the ABCD approach - accelerating productivity, reducing bureaucracy, improving access to capital and developing market access,” he said.
In a separate development, Sim said his change of portfolio in the Cabinet should not be viewed as a demotion or "downgrade”, but rather as an opportunity to further strengthen the country’s entrepreneurial and cooperative sectors.
"For me, the issue of ‘downgrade’ or ‘upgrade’ does not arise. What matters most is our focus, as discussed in the meeting, on making Malaysian businesses great. That is my main priority,” he said.
Last Tuesday (Dec 16), Prime Minister Datuk Seri Anwar Ibrahim announced a Cabinet reshuffle under the government involving 28 ministers and deputy ministers, as well as portfolio changes and new appointments, as part of efforts to strengthen administrative efficiency and ensure more effective policy implementation.
Anwar also announced the appointment of six deputy ministers and several portfolio adjustments.
Sim was previously the Minister of Human Resources, while Mohamad was the Deputy Foreign Minister. - Bernama
