SKM approves RM85.9mil funding for large-scale cooperative projects

SEREMBAN: The Malaysian Cooperative Societies Commission (SKM) has approved Revolving Capital Fund (TMP) financing amounting to RM85.9mil for cooperatives engaged in large-scale projects as of April.

Deputy Entrepreneur Development and Cooperatives Minister Datuk R. Ramanan said that the initiative was established to assist and facilitate cooperatives in securing funds for implementing viable projects.

“This includes Collateral Financing (PKTC), Micro Cooperative Financing (MicCoopFi-1), Start-Up Financing (SuFi-1), Sustainable Financing (LesFi-1), Best 100 Cooperatives Financing (Best100Fi-1) and Good Pay Master Financing (GPMFi-1).

“It also aims to promote the growth of cooperatives, offering a maximum secured financing of RM30mil and unsecured financing of RM200,000,” he told reporters after handing over keys to the Taman Nesa Delima housing project here on Sunday (June 16).

He noted that as of last December, 15,809 cooperatives were registered with a membership of 7.2 million nationwide, involving annual fees of RM17.4bil, with assets totaling RM165.8bil and revenue of RM64bil.

Meanwhile, Ramanan urged the Indian community to further increase their involvement in cooperatives, saying that as of last year, there were only 419 Indian cooperatives nationwide involving nearly 250,000 members.

“This number is very low and it would be a loss if the Indian community does not become aware and take the opportunity to get involved in cooperatives. The government also provides various initiatives to help the community through the cooperative movement,” he said.

He also announced that to encourage the Indian Community Cooperative Movement, an Indian Community Cooperative Congress will be held this year to discuss issues, challenges and the future direction of Indian community cooperatives.

Earlier, he said the Taman Desa Delima Housing project on a 3.2-hectare site, which has been transferred to Koperasi Nesa 1980, consists of 62 semi-detached houses and six bungalows with a Gross Development Value of RM30mil. – Bernama