PowerUp10k Initiative Provides Financing of Up To RM15 Bln To Strengthen 10,000 MSMEs - Sim

PUTRAJAYA, April 20 (Bernama) -- The PowerUp 10K initiative is expected to be a key driver in helping micro, small and medium enterprises (MSMEs) scale their businesses in the face of global geopolitical uncertainties and rising operational costs.

Entrepreneur Development and Cooperatives Minister Steven Sim Chee Keong said that the initiative involves a commitment to provide up to RM15 billion in financing to the market, aiming to support the scaling up of 10,000 MSMEs, in line with the government's efforts to empower the people's economy.

"This effort aims to help MSMEs not only remain resilient but also continue to grow and seize business opportunities in the face of global geopolitical uncertainties and rising operational costs," he said in a statement today.

At the same time, Sim said the Ministry of Entrepreneur Development and Cooperatives (KUSKOP) welcomed the three announcements by the Prime Minister to alleviate the cost pressures faced by MSMEs following the global energy crisis.

Among these initiatives are the RM5 billion additional financing guarantee through the Business Financing Guarantee Corporation (SJPP), e-invoice flexibility and targeted tax exemptions.

He said the announcement was timely in ensuring business continuity and protecting people's jobs.

Sim also said that KUSKOP will continue to strengthen its efforts through the ABCD approach, which stands for Accelerating Productivity, Bureaucracy Reduction, Capital Accessibility and Developing Market Access.

He added that the ministry will also continue to work closely with stakeholders, particularly industry players and financial institutions, to ensure that every support can be delivered quickly, effectively, and have a direct impact on entrepreneurs in the field.

-- BERNAMA