Bigger funds for MSMEs


New fund to be launched in January for Chinese entrepreneurs

PUTRAJAYA: The bumiputra financing fund under the National Entrepreneurial Group Economic Fund (Tekun) will increase from RM300mil this year to RM500mil in 2026, says Steven Sim.

The Entrepreneur Development and Cooperatives Minister said the increase aims to empower micro, small and medium enterprises (MSMEs) and cooperatives across all communities.

“Financing for Indian entrepreneurs under the Indian Commu­nity Entrepreneur Financing Scheme will increase from RM30mil to RM50mil in 2026, while a new RM50mil financing scheme for MSMEs for the Chinese community will be launched in January 2026.”

Sim said this at a press conference following a briefing by the ministry’s senior management here yesterday, Bernama reported.

He arrived at the ministry around 9.10am for a symbolic “clocking-in” ceremony. He was welcomed by its newly appointed Deputy Minister, Datuk Mohamad Alamin, and the ministry’s secretary-general Datuk Seri Khairul Dzaimee Daud.

On the job: Sim (second from left) clocks in for work on his first day as the Entrepreneur Development and Cooperatives Minister. — Bernama
On the job: Sim (second from left) clocks in for work on his first day as the Entrepreneur Development and Cooperatives Minister. — Bernama

Sim also announced that the ministry would provide a six-month interest-free moratorium to MSMEs and cooperatives affected by floods, covering loans from seven agencies under the ministry.

These agencies are the Coopera­tives Commission of Malaysia, SME Corp Malaysia, Tekun Nasio­nal, Bank Rakyat, SME Bank, Perbadanan Nasional Bhd and Amanah Ikhtiar Malaysia.

Sim said the ministry 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 the ministry’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 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 priority,” he said.

On Tuesday, Prime Minister Datuk Seri Anwar Ibrahim announced a Cabinet reshuffle involving 28 ministers and deputy ministers, as well as portfolio changes and new appointments.

The move is 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 human resources minister, while Mohamad was the deputy foreign minister.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In Nation

EPF set to expand i-Lindung for life insurance
Divided over EPF scheme
No more Malaysians stranded in western Saudi, says consulate-general
Tourism Ministry looks to parts of Europe, Asia, Asean to ensure smooth VMY2026, says Tiong
Impact of West Asia conflict to be discussed at special Cabinet meeting, says DPM Fadillah
Sabah to oppose federal application to stay on 40% revenue rights, says state AG
Police detect 540 illegal routes nationwide, says IGP
Ministry monitoring students to prevent extremist infiltration in schools, says Fadhlina
Hishammuddin says he is ready to return to Umno if suspension lifted
Quit rent hike burdens Penang smallholders, says MCA

Others Also Read