MELAKA: Tabung Ekonomi Kumpulan Usaha Niaga (Tekun Nasional) aims to approve financing below RM20,000 within 24 hours, says Steven Sim.
The Entrepreneur Development and Cooperatives Minister said the quick-approval target helps micro, small and medium enterprises (MSME) secure working capital promptly.
“Currently, we are running a pilot project (for financing approvals below RM20,000) and we aim to launch it within the next two to three months.
“We want to offer a 24-hour processing period to facilitate MSME, so these small businesses do not have to wait long to secure financing,” he told reporters after closing Karnival Hebatkan Perniagaan Malaysia at Morten Walk here yesterday, Bernama reported.
The event was officiated by state senior executive councillor for housing, local government, drainage, climate change and disaster management Datuk Rais Yasin.
At the event, the ministry also launched the Tekun Nasional portal, a one-stop digital platform that enables entrepreneurs to obtain financing information, submit online applications, access programme and entrepreneurship training announcements.
In a statement, the ministry said that Tekun Nasional financing applications up to RM100,000 are processed and approved within seven days.
SME Bank and Bank Rakyat are also committed to processing and approving financing up to RM1mil within two weeks.
As of May 31, a total of RM92mil in financing for over 4,300 entrepreneurs in Melaka were approved through its various agencies.
Nationally, as of the same date, the ministry had approved RM5bil in financing, benefiting more than 180,000 enterprises nationwide.
The ministry also set a target to disburse RM15bil in financing to MSME nationwide under the PowerUp10k initiative this year.
