Malaysia supports over 200,000 entrepreneurs

The support provided through a public programme totalled RM7.172 billion, and has exceeded the initial target of supporting 188,345 entrepreneurs.
By: | November 29, 2021

Malaysia’s Ministry of Entrepreneur Development and Cooperatives (MEDAC) has helped some 220,248 entrepreneurs impacted by the pandemic through a series of loans, moratoriums and grants. 

The support totalled RM7.172 billion (US$1.69 billion), and exceeded its initial target of supporting 188,345 entrepreneurs, said MEDAC minister Tan Sri Noh Omar.

“Apart from that, as of today, we also managed to assist 3,667 new entrepreneurs, who were previously employed but lost their jobs, youths and graduates compared to the 2,975 that were targeted,” he said, on a televised programme. 

“Others who benefited included a total of 8,594 individuals from micro, small and medium industries, who received assistance through digitalisation-based initiatives and the adaptation of technology solutions, compared to the 8,650 individuals targeted,” he added. 

A monitoring committee has been appointed in each of the 11 agencies under MEDAC to ensure the allocation reaches its intended recipients, he said. 

READ: Malaysia sees over 462,000 jobseekers employed through public initiatives

“I have also ordered every ministry agency to simplify the procedures and bureaucratic conditions for every aid application as their current situation with the pandemic is different from how they were before,” the minister said.