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Earlier this year, Suruhanjaya Koperasi Malaysia (SKM) conducted a vital briefing session with the residents of Selakan Island. This initiative aimed to introduce and promote the advantages of cooperative models as a means of fostering economic and social development within the island community. The briefing served as an educational platform, outlining the various support mechanisms and opportunities available through cooperative structures.

Elaboration of Key Benefits:

• Training:
  • SKM emphasized the provision of comprehensive training programs. These programs are designed to equip Selakan Island residents with essential skills in areas such as cooperative management, financial literacy, business planning, and specific vocational skills relevant to the island’s resources and potential industries (e.g., fishing, tourism, handicrafts). This training aims to empower individuals to effectively participate in and manage cooperative ventures, ensuring their long-term sustainability.
  • The training would include topics like how to manage a business, how to create a marketing plan, and how to manage the finances of a cooperative.
• Funding Support:
  • A significant aspect of SKM’s initiative involves facilitating access to funding. This encompasses providing information on various financial assistance programs, including grants, low-interest loans, and other financial incentives specifically tailored for cooperative development.
  • SKM will help the community understand the requirements for obtaining funding, and assist in preparing loan and grant applications. This support is crucial for enabling the community to initiate and expand their cooperative ventures, addressing the financial constraints often faced by island communities.
• Legal Agreement (Assistance with Legal Matters):
  • Navigating legal complexities can be a significant hurdle for community-based initiatives. SKM offered to provide assistance with legal matters, including the formation and registration of cooperatives, drafting legal agreements, and ensuring compliance with relevant regulations.
  • This legal support aims to safeguard the interests of the cooperative members and ensure the smooth operation of their ventures, providing a secure and transparent framework for their activities.
• Individual Member Investment with Small Funds:
  • The cooperative model promotes collective ownership and participation. SKM highlighted the opportunity for individual members to invest small amounts of capital into the cooperative. This allows for broad-based participation and ensures that the benefits of the cooperative are shared among the community.
  • This system of small individual investments allows for a large number of people to participate, thus spreading out risk and increasing the overall capital of the cooperative. It also encourages a sense of ownership from each member.
  • This structure fosters a sense of ownership and shared responsibility, encouraging community members to actively contribute to the success of their cooperative.

Overall Impact:

The SKM briefing aimed to empower the Selakan Island community by providing them with the tools and resources necessary to establish and manage successful cooperatives. By promoting economic self-sufficiency and fostering community-driven development, this initiative has the potential to significantly improve the livelihoods of the island’s residents.