KUSKOP, CGC Strengthen MSME Access To Financing

KUALA LUMPUR, May 27 (Bernama) -- The Ministry of Entrepreneur and Cooperatives Development (KUSKOP) has welcomed the role of Credit Guarantee Corporation Malaysia Bhd (CGC) in helping micro, small and medium enterprises (MSMEs) gain access to financing through guarantee schemes, financial advisory services and financing facilitation initiatives.

Its Minister Steven Sim said the efforts were crucial in helping underserved MSMEs obtain financing and working capital amid rising operating costs and geopolitical uncertainties linked to conflicts in West Asia.

“Many MSMEs, particularly micro and small enterprises, still face difficulties obtaining financing due to limited credit history and high borrowing costs,” he said in a statement today after chairing a meeting with CGC on efforts to strengthen financing and capital access for MSMEs in Malaysia.

During the meeting, CGC briefed KUSKOP on ongoing initiatives, including credit guarantee schemes, financing facilities, digital marketing training, youth entrepreneur development programmes and MSME networking sessions nationwide.

Sim also called on agencies under KUSKOP, particularly SME Corp Malaysia, to strengthen cooperation with CGC and enhance outreach on financing assistance through platforms such as the MyKNP financing advisory service and the imSME online financing referral platform, supported by CGC and Bank Negara Malaysia.

He said KUSKOP remained committed to working closely with financial institutions, development financial institutions and ecosystem partners to improve financing access, strengthen MSME resilience and advance the ‘Empowering Malaysian Businesses’ agenda.

-- BERNAMA