KUSKOP Committed To Implementing Budget 2025 Initiatives For The People

KUALA LUMPUR, Oct 19 (Bernama) -- The Ministry of Entrepreneur Development and Cooperatives (KUSKOP) is committed to implementing Budget 2025 initiatives to ensure services are delivered to target groups for the people’s benefit.

Its minister, Datuk Ewon Benedick, said KUSKOP is confident that Budget 2025 will contribute to the socioeconomic development of the country and provide robust solutions to support entrepreneurs and cooperatives.

“This will simultaneously drive Malaysia’s future growth, in line with the goal of uplifting and prioritising the people,” he said in a statement today.

Ewon expressed his gratitude to Prime Minister Datuk Seri Anwar Ibrahim and welcomed the tabling of Budget 2025 yesterday, which announced loan facilities and business financing guarantees through government agencies totalling RM40 billion.

He said Budget 2025 puts a greater focus on the well-being of the people by prioritising the protection of vulnerable groups, improving basic infrastructure and addressing inefficiencies such as corruption and resource wastage.

Among the incentives available through KUSKOP and its agencies in Budget 2025 are micro-loans amounting to RM3.2 billion, offered by the National Entrepreneurial Group Economic Fund (TEKUN) and Bank Simpanan Nasional (BSN) to assist small traders, including the disabled community, the Chinese and Bumiputera communities.

Meanwhile, Bank Pembangunan Malaysia Berhad and SME Bank are offering special financing to halal micro, small and medium enterprises (MSMEs) with available funds totalling nearly RM600 million, while the Tunas Usahawan Belia Bumiputera (TUBE) has been allocated RM20 million to continue to encourage youths to venture into business.

The government will also continue supporting cooperative business activities, including providing revolving capital with financing funds of up to RM100 million through the Malaysian Cooperative Commission.

To support women-led MSMEs in acquiring working capital, purchasing assets and upscaling their business capacity to a higher level, a total of RM470 million in financing is available from SME Bank, BSN, Bank Rakyat and Majlis Amanah Rakyat (MARA).

At the same time, RM700 million has been allocated to expand various cost-of-living programmes aimed at controlling the prices of goods, including through collaborations with supermarket operators, 88 wholesale markets, grocery stores, farmers’ markets, cooperatives and others.

Additionally, RM800 million in financing under MARA and Perbadanan Usahawan Nasional Bhd  (PUNB) is available to support more Bumiputera entrepreneurs, including local artisans.

-- BERNAMA