Penang welcomes RM80 million federal financing schemes BARAKAT and BERKAT to support micro-entrepreneurs during Ramadan and Chinese New Year festivities.
GEORGE TOWN: A new RM80 million federal financing initiative is set to bolster Penang’s entrepreneurial community against rising costs ahead of key festivals.
State executive councillor Fahmi Zainol said the schemes reflect a targeted government approach to building an inclusive business ecosystem.
He stated the programmes will complement existing state efforts to empower small traders.
These include entrepreneurship training, digital marketing aid, and a state microfinancing scheme.
The federal schemes were announced by Minister Steven Sim last week.
BARAKAT is a RM50 million Ramadan and Aidilfitri scheme run by TEKUN Nasional.
BERKAT is a RM30 million Chinese New Year programme introduced by SME Corp Malaysia.
Fahmi emphasised that federal-state synergy is crucial for fair access to financing and support.
“The implementation of BARAKAT and BERKAT is expected to complement and strengthen the state government’s ongoing efforts,” he said.
He added the state remains committed to working with ministries to uplift entrepreneurs and strengthen economic resilience.
Fahmi also urged eligible entrepreneurs to seize the opportunity for business growth and sustainability.
