RM5 Bln Low-cost Financing To Drive SME Growth - Sim
GEORGE TOWN, April 9 (Bernama) -- The Entrepreneur and Cooperatives Development Ministry has announced up to RM5 billion in low-cost financing for small and medium enterprises (SMEs) to drive growth and transformation.
Minister Steven Sim said the financing, offered at rates as low as three to five per cent to power up towards high tech operation, green and transition economy, automation and digitalisation, as well as for boosting tourism.
“These funds will be channelled through all licensed banks, prescribed financial institutions and development financial institutions, including Bank Rakyat and SME Bank under my ministry.
“I call on SMEs in Penang including heritage brands to take advantage of these facilities and the campaign by the government to power up so that we not only survive the next 50 and 100 years but can be bigger, better and greater,” he said at the launch of “Heritage Brands of Penang” here tonight.
The book was launched by Chief Minister Chow Kon Yeow at the event that was attended by representatives from more than 50 featured brands, policymakers, institutional leaders and media partners.
Sim reaffirmed the government’s commitment to strengthening SMEs through the PowerUp10K campaign, a year-long initiative designed to uplift SMEs across various stages of development.
Under the campaign, he noted, the ministry has outlined five key performance indicators (KPIs) including the rollout of up to RM15 billion in low-cost financing, a significant increase from the RM10 billion allocated last year.
“We target to help 10,000 Malaysian businesses at various levels to scale up and will deploy at least RM100 million to train up to 100,000 entrepreneurs in various capability building programmes.
“We aim to help the SME sector to achieve value added above RM750 billion. Part of the programme will help 100 Malaysian companies to hit RM100 million in revenue in the medium term,” he said.
Sim noted that as of February 2026, RM2 billion in financing has already been approved under the PowerUp initiative.
“Heritage Brands of Penang” by Penang Institute is a publication documenting the journeys of long-standing businesses that have shaped the state’s commercial and cultural landscape for over five decades.
Authored by Datuk Tony Yeoh, the book chronicles 59 heritage brands alongside 21 emerging ones, offering insights into the people behind these enterprises, the challenges they faced, and the values that have sustained them across generations.
-- BERNAMA