Tekun Nasional agrees to cut financing approval time to four days
The agency also aims to decide on applications below RM20,000 within 24 hours, with online submissions available since Aug 7.
Tekun Nasional has agreed to shorten its financing approval process to four days and disburse loans within five working days, Deputy Minister of Entrepreneur Development and Cooperatives Datuk Mohamad Alamin told the Dewan Rakyat.
Mohamad said the approval period had already been brought down in stages from 10 days to seven days. The further reduction was intended to give microentrepreneurs faster access to urgently needed capital.
For applications below RM20,000, the agency aims to make a decision within 24 hours, he said. Applicants have also been able to apply online since Aug 7 without going to Tekun Nasional offices.
He was responding to Onn Abu Bakar (Pakatan Harapan-Batu Pahat), who asked how the Ministry of Entrepreneur Development and Cooperatives (Kuskop) was improving financing delivery, particularly through Tekun Nasional.
Separately, Mohamad said Kuskop agencies Amanah Ikhtiar Malaysia (AIM), Tekun Nasional and Bank Rakyat recorded financing transactions totalling 1.27 million, worth RM14.56 billion, from 2023 to September 2024. He also said 8,008 microentrepreneurs had moved into the small or medium enterprise (SME) category.
Tekun Nasional’s non-performing loans rate declined to 8.60% as of September 2024 from 12.66% in 2023, according to Mohamad. Over that period, Bank Rakyat’s non-performing financing rate decreased to 11% from 15%.
