KUALA LUMPUR (Aug 7): Entrepreneurs nationwide can now apply for Tekun Nasional financing online, as the government moves to cut bureaucracy and speed up access to funding for small businesses.

The Tekun Online Application System, officially launched on Aug 7, allows eligible entrepreneurs to register, provide personal and business information, upload supporting documents and submit financing applications without visiting a Tekun branch.

The system was piloted in Kuala Lumpur in July before being expanded to several other states, said Minister of Entrepreneur Development and Cooperatives Steven Sim Chee Keong in a press release.

In the pilot phase, 1,624 entrepreneurs submitted applications online, of which 215 applications worth RM6.6 million were approved.

It is the first time in Tekun’s nearly 30-year history that financing applications can be made online.

The ministry is also seeking to shorten the time applicants have to wait for financing, as part of efforts to reduce bureaucracy and allow business owners to focus on running and expanding their operations.

The processing time for Tekun financing applications below RM100,000 has already been reduced to seven days from about 30 days previously. Under the ministry’s bureaucracy reform plan, Tekun is targeting to further shorten the approval and disbursement process to five days.

Of the nearly 31,000 financing applications approved this year, 74.5% were approved within one to five days, while nearly 20% were approved within six to 10 days.

Tekun has also tested pre-approved financing of up to RM20,000 within 24 hours during Karnival Hebatkan Perniagaan Malaysia in Johor and Melaka, aimed at helping micro-entrepreneurs obtain working capital more quickly. The agency is working towards making the 24-hour pre-approval process an ongoing service target.

“For micro entrepreneurs, every day saved is very meaningful. The faster they gain access to capital, the faster they can buy stock, obtain equipment and expand their businesses,” said Sim.

Tekun has disbursed more than RM700 million to nearly 31,000 entrepreneurs nationwide in 2026. Some 43%, or 13,283 entrepreneurs, were first-time financing recipients, accounting for nearly RM260 million in financing.

On another note, Tekun Corporation Sdn Bhd signed a memorandum of understanding with Koperasi Pegawai-Pegawai Melayu Malaysia Bhd (MOCCIS) to explore cooperation in areas including oil palm plantations, hospitality, property and long-term investments.

Tekun Corporation, a subsidiary of Tekun Nasional, also signed a credit management and recovery services contract worth nearly RM70 million with MOCCIS.