TEKUN Targets 24-Hour Approval for Small Financing Applications
MELAKA: TEKUN Nasional is aiming to significantly shorten financing approval times by introducing a system that could approve applications below RM20,000 within just 24 hours, giving micro entrepreneurs faster access to working capital.
The initiative is currently being tested under a pilot programme and is expected to be rolled out fully within the next two to three months after further refinements and evaluations are completed.
Entrepreneur Development and Cooperatives Minister Datuk Ewon Benedick said the move reflects the government’s commitment to improving service delivery and reducing bureaucratic procedures that often delay financing for small businesses.
According to him, many micro entrepreneurs rely heavily on quick financing decisions to purchase inventory, pay suppliers or maintain daily business operations.
“For financing below RM20,000, TEKUN is currently testing a new system and our target is to approve applications within 24 hours.
“Small entrepreneurs cannot afford to wait too long because they need immediate working capital. That is why we want the process to become faster and more customer-friendly,” he said.
He was speaking after attending the closing ceremony of the Hebatkan Perniagaan Malaysia Carnival for Melaka and the National One District One Industry Showcase at Morten Walk.
The minister said access to financing is one of the most important factors determining whether a business can grow and remain competitive.
He noted that TEKUN’s transformation is not limited to financing products alone but also involves improving the overall delivery system to ensure entrepreneurs receive assistance more efficiently.
“In the past, entrepreneurs had to go through lengthy procedures and wait for long periods.
“Now we want to change the work culture so that services are faster, more responsive and centred around the needs of entrepreneurs,” he said.
Apart from the new 24-hour target for smaller financing packages, he revealed that financing applications of up to RM100,000 can now be processed and approved within seven days.
He added that other financial institutions under the ministry, including SME Bank and Bank Rakyat, have also committed to providing decisions on financing applications worth up to RM1 million within 14 days.
The minister described the improvements as part of a broader reform agenda aimed at simplifying bureaucracy and ensuring assistance reaches entrepreneurs more quickly.
During the event, he also launched the TEKUN Nasional Portal, a one-stop digital platform designed to simplify financing applications and entrepreneurship services.
Through the portal, entrepreneurs can submit financing applications online, check application status, access training programmes and obtain information on various business initiatives offered by TEKUN.
He said digitalisation would help improve efficiency while saving time and costs for entrepreneurs.
“Entrepreneurs no longer need to visit offices just to obtain information or submit documents.
“Everything can now be done online and this represents a major shift in how we deliver our services,” he said.
As of May 31 this year, the Ministry of Entrepreneur Development and Cooperatives had approved RM92 million in financing for more than 4,300 entrepreneurs in Melaka through its various agencies.
Nationwide, financing approvals have reached RM5 billion, benefiting more than 180,000 businesses across Malaysia.
The minister expressed confidence that faster financing approvals and wider digital adoption would continue to strengthen the country’s micro, small and medium enterprise sector while contributing to long-term economic growth.
