Tekun Nasional speeds up microloan approvals to four days
Tekun Nasional will now approve microfinance applications within four days and aim to disburse funds in five working days.
In Kuala Lumpur, Tekun Nasional disclosed a new fast-track process that reduces microfinancing approval time from a week to four days, followed by disbursement within five working days. Deputy Entrepreneur Development and Cooperatives Minister Datuk Mohamad Alamin said the change is part of broader measures to improve capital access for micro-entrepreneurs. An online portal, introduced on August 7, lets applicants submit requests without visiting Tekun offices.
Loans below RM20,000 are slated for 24-hour processing, while some outreach programmes can grant preliminary approval in three hours. The announcement responded to a parliamentary query by Onn Abu Bakar about simplifying microfinance access. Data from the ministry show over 1.27 million microfinancing cases totalling RM14.56 billion between 2023 and September 2024, involving Amanah Ikhtiar Malaysia, Tekun, and Bank Rakyat.
Why it matters
Faster loan approvals help small entrepreneurs obtain needed capital more quickly, boosting business growth.
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