SHAH ALAM: The government has several measures in place to support struggling entrepreneurs, said Deputy Entrepreneur Development and Cooperatives Minister Datuk R. Ramanan.
He said significant challenges had caused many entrepreneurs to close their businesses, particularly during the Covid-19 pandemic.
He said the current economic downturn was not unique to Malaysia, as businesses worldwide were experiencing similar hardships.
"So, to mitigate these challenges, the ministry has launched several initiatives such as SME Corporation Malaysia (SME Corp) providing grants to help small and medium-sized enterprises (SMEs) recover.
"Additionally, cooperatives (in general) have introduced disaster relief funds and revolving capital funds to support their members," he said after a ceremony to present incentives to high-scoring Sijil Pelajaran Malaysia holders, here.
He said Bank Rakyat also offered financial relief to the Indian community, which supplemented existing programmes for other ethnic groups.
"Programmes such as AIM (Amanah Ikhtiar Malaysia) offer specific support for Indian women entrepreneurs, while Tekun Nasional provides tailored financing solutions to both the Indian and Malay communities."
Despite these measures, Ramanan said entrepreneurs ceasing operations remained a complex and widespread issue.
"This is not solely a national issue, but a global one. Major cooperatives in the United States and other countries have also faced closure."
Responding to concerns about the rationalisation of diesel subsidies, Ramanan said the matter was outside the ministry's purview.
He urged entrepreneurs to consider the broader context, noting that Malaysia's diesel prices remained competitive compared to neighbouring countries.